Mumbai: HDFC Life on Wednesday named its chief financial officer and executive director Vibha Padalkar as the new managing director and chief executive officer (CEO) for a period of three years, after Amitabh Chaudhry quit the position to head Axis Bank.

In a regulatory filing, HDFC Life said its board cleared the appointment starting 12 September at a meeting on Wednesday.

The terms of appointment are subject to approval by the shareholders and the Insurance Regulatory and Development Authority of India (Irdai).

A member of the Institute of Chartered Accountants in England and Wales, Padalkar joined HDFC Life in August 2008. She is also a member of the Institute of Chartered Accountants of India (ICAI).

The statement from HDFC Life said Padalkar has worked in varied sectors such as global business process outsourcing (BPO), global FMCG and in an international audit firm.

She was recently honoured with the ‘CA CFO – Insurance Sector’ award by the ICAI.

She was also conferred the ‘CFO-Woman of the year’ award by the ICAI in 2011 and another for “Excellence in Financial Control, Compliance and Corporate Governance" in 2013.

“It will be my constant endeavour to continue expanding the reach of life insurance and deepen the trust bestowed upon us by customers, partners, shareholders and other stakeholders. We have a strong team in place that has delivered over the years to make HDFC Life an industry leader and we hope to continue with this track record, delivering more value as we go along," Padalkar said in the statement.