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Aditya Puri denies rumours of differences with Deepak Parekh over successor

The search committee has been told there are strong internal candidates, but they can look for talented external candidates as well, Puri said

February 27, 2020 / 11:03 AM IST
 
 
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HDFC Bank Managing Director Aditya Puri denied speculation of differences with HDFC Chairman Deepak Parekh over the bank's next leader.

The search for Puri’s successor has been kickstarted ahead of his retirement in October. Puri, who was hired by Parekh, has been its MD since 1994.

“In all fairness, Deepak and I have no differences,” Aditya Puri told The Economic Times.

“We all want the best person in the organisation. He hasn’t even discussed the subject with me… I don’t know for how many months. HDFC has a nominee in the search committee. He is a large shareholder. He also wants what is best for the organisation. There is no difference between the board and anybody. We are all looking at the best interests of the bank.”

The search committee has been told there are strong internal candidates, but they can look for talented external candidates as well, Puri said, adding that there is some merit to the practice of giving preference to insiders.

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“Obviously, we know whoever is within the organisation. If a lot of them have created a $100 billion franchise they must be competent. The board also acknowledges that we have very strong internal candidates. But there were some people who felt that we should also look at external candidates, so that we won’t miss out on anyone,’’ Puri said.

He said that while he does not have a veto on his successor’s appointment, the board would consider his recommendations.

Refuting rumours of an overlap between HDFC Bank and its non-banking financial company (NBFC) HDB financial, Puri said they were untrue. He added that he and his successor will together decide whether he will continue his position as HDB Financial chairman.
Moneycontrol News
first published: Feb 27, 2020 10:57 am

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