Succession plan in place, says HDFC MD

Aditya Puri, managing director of HDFC Bank, said a succession plan for the bank’s chief was in place.

“We have a very clearly defined succession plan . . . even if something happens, there is a successor . . . there are two-three levels below me, so nothing to worry,” said Puri after the bank’s annual general meeting on Thursday. Investors and markets had started to ask questions after Puri was hospitalised, earlier this year, and underwent a cardiac surgery.

He has been at the helm of the bank since its inception in 1994.

Last year the bank’s board had recommended Puri’s re-appointment for another five years, uptil October 2020, till he turns 70.

In September 2014, Reserve Bank of India had revised the maximum age limit of private bank chiefs from 65 to 70.