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HDFC Bank's Aditya Puri says replacement of Paresh Sukthankar will be done within a month

Aditya Puri said that Sukthankar left because of some personal reasons and his exit had nothing to do with HDFC Bank's succession plan. He, however, said that Sukthankar was among the contenders for CEO position.

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HDFC Bank's Aditya Puri says replacement of Paresh Sukthankar will be done within a month

HDFC Bank Managing Director and CEO Aditya Puri on Monday said that he would get a replacement for Paresh Sukthankar by the end of the month. He also said that the exit of Deputy Managing Director Paresh Sukthankar would not impact the bank's future strategy. Puri said this while addressing the investors through conference call early Monday morning.

Puri said that Sukthankar left because of some personal reasons and his exit had nothing to do with HDFC Bank's succession plan. He, however, said that Sukthankar was among the contenders for CEO position.

Last week, HDFC Bank announced Paresh Sukthankar's departure without citing any reason. In a regulatory filing, the bank said: "We hereby inform you that Paresh Sukthankar has tendered his resignation as Deputy Managing Director of the bank, to be effective 90 days from the close of business hours of today."

Sukthankar has been with HDFC Bank since its inception in 1994 and at present is responsible for overseeing the bank's credit, finance and human resources functions. He was appointed to the post of Deputy Managing Director of HDFC Bank in March 2017.

His resignation came almost nine months ahead of HDFC Bank initiating talent search for replacement of its Managing Director Aditya Puri. With his resignation, speculations are rife that he may join rival banks at the top level.

Prior to joining HDFC Bank, Sukthankar worked in Citibank for around nine years, in various departments including corporate banking, risk management, financial control and credit administration. He has been a member of various Committees formed by Reserve Bank of India and Indian Banks' Association.

He has done his Masters in Management Studies (MMS) from Jamnalal Bajaj Institute (Mumbai) and the Advanced Management Program (AMP) from the Harvard Business School.

(With inputs from PTI)

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