India largest private sector bank HDFC Bank Ltd. on Thursday said it has formed a six-member committee to find a successor to Managing Director Aditya Puri who is set to retire in October next year.
HDFC Bank is on a global search to find a successor to Founder Chief Executive Officer Aditya Puri, as he would turn 70 next year.
"The board of directors of the bank at its meeting held today has constituted a search committee to identify a successor to Aditya Puri, the current managing director of the bank, whose tenure ends on Oct. 26, 2020," the bank said in a regulatory filing.
The search committee comprises Shyamala Gopinath, Sanjiv Sachar, MD Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry.
"The search committee, over the next few months, shall evaluate internal and external candidates to ensure smooth transition," the bank said.
Puri will act as an adviser to the search committee, the bank said.
It is noteworthy that Puri, the managing director and chief executive since 1994 when the bank was set up, has seen a whopping 41 percent increase in total remuneration in 2019 to Rs 13.67 crore. He has been instrumental in getting the bank to its current stature as one of the most valued banks globally in terms of price to earnings ratio.
Some media reports have indicated that Puri, an ex-Citibanker, may continue as the non-executive chairman, post-retirement.
Separately, the board of directors of the bank approved appointments of Sashidhar Jagdishan and Bhavesh Zaveri as additional director and executive director for a period of three years each from Nov. 28, subject to the Reserve Bank of India’s approval.
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