PremiumMUMBAI : HDFC Bank on Saturday said its board has finalised the names of three candidates to replace Aditya Puri, the outgoing managing director who retires in October.
“We wish to inform that pursuant to the recommendations of the search committee which was constituted by the board of directors of HDFC Bank and the nomination and remuneration committee of the bank, and pursuant to the Banking Regulation Act 1949 and the extant Reserve Bank of India (RBI) norms, the board of directors of the bank has today finalized the names of three candidates, in the order of preference, for the position of the managing director and chief executive officer of the bank," it said in a statement to the stock exchanges.
The bank added that it will submit its application to RBI with the names of the candidates in the order of preference, seeking approval and on receipt of RBI approval, the bank shall duly make the requisite disclosures.
In November last year, the lender had also informed stock exchanges that it kick-started the much-awaited process of finding a successor to its longest-serving chief Aditya Puri, whose tenure ends on 26 October. In May 2018, Puri had told analysts that the bank will start the process of identifying his successor. At the annual general meeting last year, Puri had said that his replacement should be better than him and should not require 18 months handholding for the job.
In a separate announcement, the bank said that Sashidhar Jagdishan and Bhavesh Zaveri on Saturday tendered their resignations as additional directors on the board and these have been accepted.
On 8 April, HDFC Bank had said that the RBI has advised it to wait for the new managing director to take over later this year before submitting proposals for two key board appointments. In November last year, the bank had initiated the appointment of Sashidhar Jagdishan and Bhavesh Zaveri as additional directors and executive directors of the bank, subject to RBI and shareholder approval.
“In accordance with RBI's instructions, the board of directors of the bank shall examine and consider their appointments once the new managing director and chief executive assumes charge," the bank said on Saturday.
