HDFC be­gins search for CEO’S suc­ces­sor

DNA (Daily News & Analysis) Mumbai Edition - - FRONT PAGE - —PTI

Mum­bai: The largest pri­vate sec­tor lender HDFC Bank has de­cided to be­gin a global search to find a suc­ces­sor to the found­ing chief ex­ec­u­tive Aditya Puri, who re­tires in Oc­to­ber 2020.

Mean­while, Puri, the manag­ing direc­tor and chief ex­ec­u­tive since 1994 when the bank was set up, has seen a whop­ping 41% in­crease in to­tal re­mu­ner­a­tion in the fi­nan­cial year 2018-19 to Rs 13.67 crore.

“The nom­i­na­tion and re­mu­ner­a­tion com­mit­tee of the Board will con­sti­tute a search com­mit­tee to un­der­take a global search of both in­ter­nal and ex­ter­nal can­di­dates,” the sec­ond largest bank said in FY19 an­nual re­port.

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.

There are re­ports that Puri, an ex-citibanker, may con­tinue as the non-ex­ec­u­tive chair­man post-re­tire­ment.

His salary grew to Rs 10.73 crore from Rs 7.26 crore in the pre­vi­ous fis­cal, while the value of his perquisite­s grew to Rs 2.26 crore from Rs 1.82 crore.

Stock op­tions ex­er­cised by Puri amounted to Rs 42.20 crore as against Rs 31.41 crore, as per the an­nual re­port.

Puri’s long-time col­league and deputy manag­ing direc­tor Paresh Suk­thankar, who left of­fice last Novem­ber in a hurry cit­ing “per­sonal rea­sons”, drew a salary of Rs 6.33 crore dur­ing the year as against Rs 5.30 crore in FY18.

Suk­thankar ex­er­cised Rs 137.46 crore worth of stock op­tions dur­ing the year, up from Rs 20.60 crore.

How­ever, the me­dian re­mu­ner­a­tion in­crease per em­ployee of the bank stood at 10.31%, which is marginally down from 11.17% in the pre­vi­ous fis­cal.

There was a big jump in the over­all em­ployee base to 98,061 in the year, up from 88,253.

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