HDFC Bank may look internally and within group to fill top boss’s role, says interim chair Mistry

Chakraborty stepped down from his position, citing ethical concerns

HDFC Bank said on March 19 that it would look internally in the organisation for talent to fill the gap left in the top brass, after former part-time Chairman Atanu Chakraborty suddenly resigned.

Keki Mistry, the newly appointed interim chairman, said in a media call to journalists earlier in the day that his primary goal is to stabilise the operations in the lender, and by the end of three months, he may not put himself up for the election of chairman, although it could be up for discussion at a later part.

“As far as I am concerned, I can tell you that my role (as interim chair) is for three months. I would like to stabilise things as much as I can,” Mistry said.

Moreover, Mistry explained that there is an established process within the nomination and remuneration committee (NRC) where succession planning and potential replacements for key roles are regularly discussed.

“We are a big group, if you look at the life insurance, the general insurance, and the asset management businesses. And obviously, if there is some talent within the organisation where we can rotate, it is something that the NRC would look at,” Mistry said during the call.

Chakraborty had stepped down with immediate effect, citing ethical concerns in a resignation letter dated March 17. In his letter, he had mentioned that “Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics.” He did not elaborate on what these issues were.