HDFC Bank launches global search for Aditya Puri's successor
Puri turns 70 next year and has been instrumental in getting the bank to its current stature as one of the most valued banks globally in terms of price to earnings ratio.
The most valuable lender of India HDFC bank will soon start its global search for a successor to Aditya Puri. A committee will be formed by the private lender’s board to look for a candidate from domestic and global markets; the bank stated this in its annual report.
“The work and a successor will be identified to ensure that this will be done on effective time for an effective transition of responsibilities,” it said. The search committee will do a global search for both internal and external candidates. A constant argument was going on about who would succeed Puri, and it has only heated up after he underwent cardiac surgery in February 2016. The plan was to start the process of identifying a successor 18-24 months ahead of Puri’s retirement, and the bank planned to have a 12-month overlap period when the successor would work with Puri.
Only three months after that pronouncement, Puri’s most trusted lieutenant and the heir apparent, Paresh Sukthankar, announced his sudden departure from the bank, throwing open the succession race. The bank has till date not appointed a replacement for Sukthankar.
“I have four more years to go. I will clear the road-map even further by then. We have depth inside, outside everywhere. One or two years before my retirement, of course, the successor will be named, but if I do it too early, I will lose my effectiveness also, don’t you agree?”