HDFC Bank board finalises three candidates for post of MD and CEO

Private sector lender HDFC Bank on Saturday said its Board has finalised three candidates for the post of Managing Director and CEO to succeed incumbent Aditya Puri.

“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 finalised the names of three candidates, in the order of preference, for the position of the Managing Director and Chief Executive Officer (MD & CEO) of the bank,” it said in a regulatory filing after its board meeting.

The lender will be submitting its application to RBI with the names of the candidates in the order of preference for approval for appointment of the new MD and CEO, it further said.

Puri’s term is due to expire on October 26 this year.

“On receipt of RBI approval, the bank shall duly make the requisite disclosures,” it said.

The lender also informed the bourses that Sashidhar Jagdishan and Bhavesh Zaveri have resigned as Additional Directors on the board, which has been accepted.

This follows the RBI communication advising the bank to examine and submit the proposal for appointment of Jagdishan and Zaveri as Executive (Whole-Time) Directors after a new MD and CEO assumes charge later this year.

“In accordance with RBI's instructions, the Board of Directors of the Bank shall examine and consider their appointments once the new MD and CEO assumes charge,” HDFC Bank said.

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