HDFC Standard Life Insurance is likely to elevate its Executive Director and Chief Financial Officer Vibha Padalkar to the post of Managing Director and CEO.

The move comes after its chief Amitabh Chaudhry resigned on September 8 to join Axis Bank as MD and CEO.

The Nomination and Remuneration Committee of the board of directors of HDFC Standard Life Insurance is scheduled to meet on Wednesday to decide on Chaudhry’s successor. It is also likely to consider appointing one more director to the board.

“Meetings of the Nomination and Remuneration Committee and the board of directors of HDFC Standard Life Insurance Company are scheduled to be held on Wednesday to note the resignation, and consider the appointment of a new Managing Director and CEO,” the insurer had said in a recent regulatory filing.

Sources ruled out bringing an outsider as the next chief and said that Padalkar is being seen as a good fit to head the life insurer and has been associated with it since 2008. She is also already on the board of the company and is well versed in its functioning. At present, she heads Finance, Legal, Secretarial, Compliance, Internal Audit and Risk at HDFC Life.

“Appointing someone from outside the company will be a time-taking process, and would take at least three-four months,” he added.

The scrip of HDFC Standard Life Insurance slipped 0.97 per cent on Tuesday, and closed at ₹445.90 apiece on the BSE.

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