Private sector lender HDFC Bank on Thursday set up a search committee to identify possible candidates to take over from its current Managing Director and CEO Aditya Puri.

“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,”it said in a regulatory filing.

The six member committee would include the bank’s Part Time Non- Executive Chairperson Shyamala Gopinath, independent directors Sanjiv Sachar, MD Ranganath, Sandeep Parekh and non-executive directors Srikanth Nadhamuni and Keki Mistry (representative of Housing Development Finance Corporation).

Puri will act as an advisor to the Search Committee.

“The Search Committee, over the next few months, shall evaluate internal and external candidates to ensure smooth transition,” HDFC Bank further said.

Puri, who has been associated with HDFC Bank since 1994, will retire in October 2020 on attaining the age of 70 years.

Earlier, the bank in its Annual Report 2018-19 had said that the Nomination and Remuneration Committee of the Board will constitute a Search Committee to undertake a global search of both internal and external candidates.

“...the Board will identify a successor and work to ensure that this is done in a manner that will allow appropriate time for an effective transition of responsibilities,” the report had said.

The Bank’s board will have to then have to recommend the names of short-listed candidates and seek approval from the Reserve Bank of India for the appointment.

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