Deepak Parekh to step down as HDFC chief this month

Deepak Parekh, whose name has been synonymous with India’s largest mortgage company, HDFC, will cease to be the chief executive of the
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corporation from December-end. The company on Friday formally announced the succession of Keki Mistry, vice-chairman and MD, as chief executive and joint MD Renu Sud Karnad as managing director for a five-year period from January 1, 2010.

Although Mr Parekh would continue to be chairman, he has indicated that he would be spending lesser time in office in the day-to-day running of the company. “Mr Deepak Parekh, chairman & CEO of HDFC, after 31 years of which 16 years were as chairman, has decided to step down from his executive position. He will continue as the non-executive chairman of HDFC, which is the holding company for its group ventures,” a statement issued by the corporation said. The group ventures include HDFC Bank, HDFC Standard Life, HDFC Ergo General Insurance and HDFC Mutual Fund.

The corporation’s board has also approved the elevation of V Srinivasa Rangan, senior GM & chief treasurer, to the rank of the executive director of the corporation for five years.

Mr Mistry joined the corporation in 1981, has served on the company’s board for 16 years. He has worked in various positions and now would be responsible for the overall functioning of the corporation. Ms Karnad had joined the corporation in 1978, and has been on the board for nine years. She will continue to be responsible for the operations, human resources and communications functions of the corporation.