Private lender HDFC Bank has constituted a six-member search committee to replace Aditya Puri as managing director and chief executive officer of the bank, whose tenure ends on October 26, 2020.
"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 October 26, 2020," HDFC Bank said in a filing to the Bombay Stock Exchange.
The search panel will comprise of Shyamala Gopinath, Sanjiv Sachar, M. D. Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry (representative of HDFC).
Aditya Puri, who has been the managing director of the bank since September 1994, will act as an advisor to the search committee, the bank said in the exchange filing.
Puri has been at the helm of HDFC Bank since its inception, making him the longest-serving chief executive of any private-sector bank in the country. Puri has over 40 years of experience in the banking sector in India and abroad.
The committee, over the next few months, will evaluate internal and external candidates to ensure smooth transition, the lender added.
Puri is credited with building India's biggest bank in terms of market valuation from scratch. At a time when Puri's peers at Axis Bank and ICICI Bank are caught up in controversies, the market capitalisation of HDFC Bank has crossed Rs 7 lakh crore to become India's third firm and first lender to achieve this milestone. As of now, Tata Consultancy Services Ltd and Reliance Industries Ltd had achieved this landmark.
Ahead of the announcement, shares of HDFC bank closed Thursday's trade at Rs 1265.35 apiece, down 1.01 per cent, on the BSE.
Edited by Chitranjan Kumar