Aditya Puri leaves – These are the top 5 Contenders for HDFC Throne:
The longest-serving CEO of any private bank in the history of India has decided to resign from the post of Founder Chief Executive of HDFC Bank and the race to find his successor has begun. HDFC Bank’s Board of directors has given Egon Zehnder a list of specific skills and attributes to look in the next candidate who will sit on the throne.
Here are the Top 5 contenders:
1. Shashidhar Jagdishan:
CA Shashidhar Jagdishan who also holds a master’s degree in money, banking and finance from the University Of Sheffield, UK is an HDFC Bank veteran who joined the bank in 1996 in the Finance Department, later became the CFO in 2008. The bank named him as a ‘Change Agent’ stating his importance in the bank. He is believed to be the successor of Aditya Puri by many to be the next CEO of the bank. He was promoted to the position of additional and executive director last year. He is one of the Contenders for HDFC CEO position.
2. Kaizad Bharucha:
Holding a degree in Commerce from the University of Mumbai, Bharucha currently being an Executive Director with the bank is also a member of the Credit Approval Committee. He joined the bank in 1995 as a career banker and is responsible for taking charge of the wholesale banking operations spread across different areas like corporate banking, emerging corporate group, business banking, capital markets & commodities business among many others. He has also represented the bank member of the working group of the RBI on Credit Information Bureau as well as Basel II norms.
3. Bhavesh Zaveri:
Joining the bank in 1998, Zaveri moved to hold the position of the Group Head of Operation in 2009. He holds a Master’s degree in Commerce from The University of Mumbai and has played a crucial role in the digital transformation of the bank. He was confirmed to be an Executive Director of the bank last year and is a strong contender for the post which will be up for grabs this October.
4. Piyush Gupta:
Aditya Puri and Piyush Gupta were colleagues back in Singapore at Citibank. While Aditya Puri quit his job at Citibank and came to India to launch HDFC Bank, Gupta stayed put in his position at Citibank back in Singapore now holds the position of CEO at DBS. Having a deep knowledge of the Indian market and his role in the expansion of DBS outside of Singapore and making it a digital entity boosts his profile. However, a Reuters report quoted a DBS spokesperson stating that “Piyush is happy at DBS and has no plans to leave”.
5. Ajay Banga:
The current CEO of MasterCard, Ajay Banga who will soon be moving to the position of Executive Chairman is a strong contender in the race leading to the throne of HDFC Bank CEO. Banga who has also been awarded the Padma Shri is a well-known figure in the business world and is also the part of the group of Indian American CEOs leading some of the leading MNCs. His brilliance helped in increasing Annual Revenue of MasterCard by 207%. The knowledge of digital payments he has gained throughout his career as the CEO of MasterCard can help HDFC Bank in expanding their business digitally making him one of the stronger Contenders for HDFC shortlisted position.