Deepak Parekh steps down as non-executive chairman of HDFC ERGO

Deepak Parekh, Chairman, HDFC (File image)

Deepak Parekh, the chairman of Housing Finance Development Corporation, has resigned as the non-executive chairman of the company's insurance arm HDFC ERGO General Insurance, CNBC TV18 reported on March 2.

The report added that HDFC has nominated Keki Mistry, the incumbent vice chairman and CEO of the company, as a non-executive chairman.

HDFC ERGO is, notably, a joint venture between Germany's ERGO International AG and HDFC Ltd, with the latter holding the majority stake of 50.56 percent. The German insurance brand ERGO owns a 48.46 percent stake.

Deepak Parekh resigns as non-executive chairman of HDFC ERGO

HDFC nominates Keki Mistry as non-executive chairman pic.twitter.com/F8BsAXqxlt

— CNBC-TV18 (@CNBCTV18Live) March 2, 2022

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While Parekh is stepping down from his role at HDFC ERGO, he continues to remain a board of several corporations across diverse sectors, including the National Investment and Infrastructure Fund
(NIIF) and  Siemens India where is serving as the non-executive chairman.

The industry veteran is also on the advisory boards of Coca-Cola India, and Accenture, and the international boards of DP World – UAE and Fairfax Financial Holdings Corporation -Canada.