HDFC Bk leads integration process as 70% of HDFC top execs to retire

MUMBAI: In a move that could expedite the integration process, most of the top management of erstwhile HDFC comprising members of the executive management — and not just the senior leadership— will not join the combined entity, HDFC Bank.

Nearly 70% of the senior management of HDFC, which has merged with HDFC Bank, will step down from executive positions as rules do not allow banks to have superannuated executives on bank’s rolls. The absence of senior executives from HDFC is expected to facilitate the integration process, making it more seamless as the bank leadership will drive the process.

Of the top 20 executives of HDFC, only three will join HDFC Bank. These executives include V. Srinivasa Rangan, who will be the bank's executive director. The other two members of senior management joining the bank are Sudhir Jha, the former chief legal officer, and Ajay Agarwal, HDFC's former company secretary.

As reported about corporate leaders, Deepak Parekh will cease to be a director, while CEO Keki Mistry and MD Renu Karnad will step down from executive positions and continue as directors. Rangan is expected to utilize his background in treasury-related matters, although the bank has not yet announced his official role. As part of the merger, around half a dozen senior executives will continue working with the merged entity as consultants, although they will not be officially on the bank's rolls.

The members of the executive management who are stepping down include Madhumita Ganguly, retail head operations; Conrad Dsouza, head of investor relations; Suresh Menon, head of internal audit; and Mathew Joseph, chief risk officer, HDFC. Other senior management not joining the bank include Satrajit Bhattacharya, senior general manager in charge of mergers & acquisitions and fundraising, and Mahesh Shah, senior general manager who headed corporate communications.

Many senior executives of HDFC who have completed 60 years have received offers to join HDFC Bank as consultants..

Other senior management not joining the bank include Satrajit Bhattacharya, senior general manager in charge of M&A and fundraising, and Mahesh Shah, senior general manager who headed corporate communications. Dilip Shetty , Head of Retail and wholesale liabilities will also retire.