Amidst the recent merger between HDFC and HDFC Bank, approximately 70 percent of the senior management team at HDFC will be stepping down from their executive positions to expedite the integration process. As reported by the Times of India, the majority of former HDFC executives, including members beyond the senior leadership, will not be joining HDFC Bank due to banking regulations prohibiting the employment of retired executives. This strategic move is expected to facilitate a smoother integration, with the leadership of HDFC Bank taking charge of driving the process.
Among the executives joining HDFC Bank are V. Srinivasa Rangan as the bank’s executive director, along with Sudhir Jha, the former chief legal officer, and Ajay Agarwal, the former company secretary of HDFC. Deepak Parekh, chairman, HDFC, announced his retirement on July 1, 2023, while Keki Mistry, CEO, and Renu Karnad, managing director, will step down from their executive positions but continue as directors.
Several other executives from the management team at HDFC will be stepping down, including Madhumita Ganguly, regional head; Conrad D’Souza, head of investor relations; Suresh Menon, head of internal audit; and Mathew Joseph, chief risk officer.
The report from the Times of India also states that Satrajit Bhattacharya, senior general manager responsible for mergers and acquisitions and fundraising, and Mahesh Shah, senior general manager leading corporate communications, are among the senior executives who will not be joining HDFC Bank.
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