HDFC’s chairman and CEO Deepakh Parekh will step down next month after serving the housing lender for 31 years — a period that saw the lender become the numero uno in housing segment.
K.K. Mistry, currently vice-chairman and Managing Director, will take over as vice-chairman and CEO when Mr. Parekh steps down on January 1, 2010.
The reshuffle will see Mr. Parekh continuing as non-executive chairman of HDFC, the holding company of its group ventures including HDFC Bank.
Mr. Parekh is widely consulted by the government on a wide range of issues of national importance and has been a member of various government appointed committees and advisory panels, which includes financial services, capital markets and infrastructure sector reforms.
He is also member of the Investment Commission that advises the government on ways to attract greater FDI inflows into India and would be amply complemented by Kiran Karnik — a revered brand equity builder.
He was roped in to anchor software maker Satyam when it was hit by an accounting scam earlier this year. Mr. Parekh was also instrumental in the revival plan of Unit Trust of India, government-owned mutual fund house, in the late 1990s.
HDFC said in a statement that Mr. Mistry would now be responsible for the overall functioning of the company and Renu Sud Karnad, currently joint MD, has been appointed as Managing Director.