HDFC CEO race: Who's in contention for top job?
Mumbai: HDFC Bank has informed the Reserve Bank of India (RBI) about the names of deputy managing director Kaizad Bharucha and an external candidate for the position of CEO. The external contender, whose identity remains undisclosed, was selected from a shortlist comprising ICICI Prudential Life CEO Anup Bagchi and Citi India CEO K Balasubramanian, sources close to the process revealed.
HDFC Bank has applied for a six-month exemption from RBI's tenure rules, enabling Bharucha to serve as managing director and CEO for the full three-year term if selected. This would permit him to avoid hitting the regulatory limit on directorial tenure before his tenure concludes. Initially, HDFC Bank had a more extensive pool of candidates, receiving over 150 applications.
After narrowing down, around 50 were shortlisted, and fewer than ten were interviewed. Among the external candidates, Bagchi and Balasubramanian stood out as the most suitable options. Bharucha remains the strongest internal candidate, and the bank has requested a conditional relaxation to allow him to complete a full three-year term.
The board is seeking an external candidate with experience managing businesses of substantial scale and complexity.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
