On Friday, a surprising news comes out for the HDFC Bank Ltd when Paresh Sukthankar, Deputy Managing Director resigned from his post. It was considered that Sukthankar will be the successor of Aditya Puri, the HDFC MD and CEO who will be retiring in 2020 October. Paresh was associated with the bank since 1994 and was a part of the founding team of the bank. Deepak Parekh, the Chairman of HDFC said that Paresh did an excellent job and has given 24 years of his life to make it where it is now.
As per the resignation, it is said to be a personal matter of Paresh to do so. "Paresh Sukthankar has tendered his resignation as Deputy Managing Director of the bank. The board of the bank places on record its sincere appreciation for the contribution made by Sukthankar in his long association with the bank and wishes him the very best in his future endeavours," said by the largest private lender in a regulatory filing.
In May, at an analyst meeting, Aditya Puri made an announcement that the bank will start their hunt for the CEO who will be the next in line to take the position 18-24 months ahead of the retirement of Puri. Puri, who is the Managing Director of HDFC since 1994 September said that they require a talented CEO that can handle the external and internal matter and then the announcement will be made in the next 18 months. As per the experts, it was said that Paresh will be the next one in line.
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The Chairman of HDFC Ltd, Deepak Parekh stated, “We will certainly miss Paresh. He is one of our oldest employees and has done an excellent job. He has worked with the bank for 24 years and we are very sorry to see him go," In addition to this, he junked away any of the speculations that were surrounding that Parekh will be joining any other bank.
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Sukthankar is a talented and experienced man who has rich knowledge in finance, risk management, investor relations, human resources, corporate communication, etc. He was also the board committee member of the bank including stakeholders, CSR panel, risk policy, relationship committee, and monitoring committee.
Before HDFC, he worked for nine years at Citi bank. He was also the member of different committees formed by Indian Banks Association and Reserve Bank of India.