Parekh to step down as HDFC chairman & CEO in January

December 04, 2009 07:44 pm | Updated 07:44 pm IST - New Delhi

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.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.