Private sector lender HDFC Bank is likely to induct two members from the senior management team into its board.
The move is seen as a part of succession planning for its managing director Aditya Puri who will hang up his boots next year after spending over two decades at the helm.
According to sources, Sashidhar Jagdishan, chief financial officer (CFO) and Ashish Parthasarthy, treasurer, are likely to be inducted into the board.
Board strength
At present, there are 10 members in the board. Apart from Mr. Puri, Kaizad Bharucha, who looks after wholesale banking and is a part of the senior management team, is also on the board.
Mr. Jagdishan has been with the bank since 1996 and has played an integral role in shaping the bank into one of country’s leading financial institutions.
Mr. Parthasarthy has over 18 years of experience in interest rate and currency markets.
Mr. Puri has been the managing director of the lender since the bank’s inception in 1994. He will complete his present term in October 2020 when he attains the age of 70.
RBI rules
According to Reserve Bank of India rules, the retirement age for private sector bank chief executive officer is 70.
The bank will also look for external candidates as well to succeed Mr. Puri.
The bank had earlier said that the the nomination and remuneration committee of the board will constitute a search committee to undertake a global search of both internal and external candidates.
An e-mail seeking response from HDFC Bank on the issue remained unanswered till the time of going to the press.
