{"id":1473,"date":"2019-11-29T15:16:32","date_gmt":"2019-11-29T15:16:32","guid":{"rendered":"https:\/\/jobbinghood.com\/finance\/2019\/11\/29\/hdfc-bank-sets-up-committee-to-find-aditya-puris-successor\/"},"modified":"2019-11-29T15:16:32","modified_gmt":"2019-11-29T15:16:32","slug":"hdfc-bank-sets-up-committee-to-find-aditya-puris-successor","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2019\/11\/29\/hdfc-bank-sets-up-committee-to-find-aditya-puris-successor\/","title":{"rendered":"HDFC Bank sets up committee to find Aditya Puri&#8217;s successor"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"article-image\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-1778935 size-full\" src=\"http:\/\/www.financialexpress.com\/wp-content\/plugins\/a3-lazy-load\/assets\/images\/lazy_placeholder.gif\" data-lazy-type=\"image\" data-src=\"https:\/\/images.financialexpress.com\/2019\/11\/cats-1298.jpg\" alt=\"HDFC Bank,\u00a0Aditya Puri,\u00a0Aditya Puri\u00a0successor,\u00a0HDFC Bank\u00a0AGM\u00a0meeting,\u00a0Nomura,\u00a0CAGR\" width=\"660\" height=\"440\" srcset=\"\" data-srcset=\"https:\/\/images.financialexpress.com\/2019\/11\/cats-1298.jpg 660w, https:\/\/images.financialexpress.com\/2019\/11\/cats-1298-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/11\/cats-1298-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/11\/cats-1298-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><noscript><img decoding=\"async\" class=\"wp-image-1778935 size-full\" src=\"https:\/\/images.financialexpress.com\/2019\/11\/cats-1298.jpg\" alt=\"HDFC Bank,\u00a0Aditya Puri,\u00a0Aditya Puri\u00a0successor,\u00a0HDFC Bank\u00a0AGM\u00a0meeting,\u00a0Nomura,\u00a0CAGR\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2019\/11\/cats-1298.jpg 660w, https:\/\/images.financialexpress.com\/2019\/11\/cats-1298-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/11\/cats-1298-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/11\/cats-1298-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><\/noscript><span class=\"article-caption\">Puri first addressed the succession issue publicly when he hinted, at an interaction with banking analysts in May 2018, his successor could be picked from within the organisation.<\/span><\/figure>\n<\/div>\n<p><a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/hdfc-bank-ltd-stock-price\/\" rel=\"noopener noreferrer\">HDFC Bank<\/a> on Thursday said a six-member committee has been set up to identify a successor to Aditya Puri, whose tenure as the managing director and CEO of the bank ends in October 2020. The move was somewhat surprising, banking sector watchers said, because Puri reportedly prefers a bank insider. \u201cIf my replacement wants to be mentored for one year, I don\u2019t want that replacement. At best we want someone who needs 15 days to catch up,\u201d he was reported to have said at HDFC Bank\u2019s last annual general meeting (AGM) on July 12.<\/p>\n<p>Puri first addressed the succession issue publicly when he hinted, at an interaction with banking analysts in May 2018, his successor could be picked from within the organisation. He, however, did not rule out the possibility of an outsider taking charge.<\/p>\n<p><strong>Also read| <a href=\"https:\/\/www.financialexpress.com\/industry\/rfl-scam-delhi-court-sends-ex-fortis-healthcare-promoter-to-judicial-custody\/1778404\/\" target=\"_blank\" rel=\"noopener\">RFL scam: Delhi court sends ex-Fortis Healthcare promoter to judicial custody<\/a><br \/><\/strong><\/p>\n<p>\u201cMr Puri highlighted that there is substantial depth in the management, at least in three levels,\u201d analysts from investment bank Nomura had written at the time. Puri had said then the management intends to start the process of identifying a successor 18-24 months ahead of his retirement, and plans to have a 12-month overlap period with the new successor.<\/p>\n<p>The committee comprises entirely the bank\u2019s board members \u2014 chairperson Shyamala Gopinath, Sanjiv Sachar, MD Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry. HDFC Bank\u2019s intention to invest in technology infrastructure has raised expectations that the new chief could be a tech hand rather than a career banker. The bank\u2019s view in recent years has been that brand loyalty will hold only finite appeal for customers. To build and retain a strong customer base, it would have to focus on consistency of experience and innovation. The payback period for its investments in operations across core banking applications and user interface could range anywhere between \u201ca few weeks to a few years\u201d.<\/p>\n<p>Mistry will represent <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/housing-development-finance-corporation-ltd-stock-price\/\" rel=\"noopener noreferrer\">Housing Development Finance Corporation<\/a> (HDFC) on the committee. Puri will be an adviser to the search committee. \u201cThe search committee, over the next few months, shall evaluate internal and external candidates to ensure smooth transition,\u201d HDFC Bank informed stock exchanges on Thursday.<\/p>\n<p>HDFC Bank is among the most valuable companies in India and investors have been seeking clarity on Puri\u2019s successor for a while as a seamless transition would be critical for the bank\u2019s continued growth. It has been on the minds of many investors for over a year now, given that the bank has not known another chief in its 25-year history.<br \/>Total deposits with HDFC Bank grew at a compounded annual growth rate (CAGR) of 35.4% between FY1996 and FY2019 and advances rose at 45.7% in the last 24 years through FY19. The bank\u2019s market capitalisation has grown 35.4% CAGR to Rs 6.93 lakh crore over the last 23 years. During the same period, profits grew 53% to Rs 21,078 crore at the end of FY19.<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from BSE and NSE and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\" https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\" https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Puri first addressed the succession issue publicly when he hinted, at an interaction with banking analysts in May 2018, his successor could be picked from within the organisation. HDFC Bank on Thursday said a six-member committee has been set up to identify a successor to Aditya Puri, whose tenure as the managing director and [&hellip;]<\/p>\n","protected":false},"author":348,"featured_media":1474,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/1473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=1473"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/1473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/1474"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=1473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=1473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=1473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}