In a surprise announcement, HDFC Bank Ltd on Friday said its Deputy Managing Director Paresh Sukthankar has resigned from the post. Sukthankar was considered a likely successor to HDFC MD and CEO Aditya Puri, who is set to retire in October 2020. Paresh, who was part of the bank's founding team, was associated with the bank since 1994. HDFC Chairman Deepak Parekh said he did an excellent job while working with the bank for 24 years.
Paresh has reportedly cited personal reasons for resigning from the post. "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 the largest private lender in a regulatory filing.
At an analyst meet in May, Aditya Puri had said the bank would start hunting for the next-in-line to fill in CEO's shoes 18-24 months ahead of Puri's retirement. Puri, who has been the HDFC Managing Director since September 1994, had said the talent for CEO's post could be internal or external and that an announcement would be made in the next 18 months. Industry experts were strongly betting on Paresh for the top job.
"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," said Deepak Parekh, Chairman of HDFC Ltd, reported BloombergQuint. Parekh also junked any speculation about Paresh joining any other private bank.
The HDFC Bank stock closed 0.17 per cent down at Rs 2,115 on Bombay Stock Exchange on Friday.
Sukthankar has rich experience in risk management, finance, human resources, investor relations, and corporate communications, etc. He was a member on several board committees of the bank, including CSR panel, stakeholders' relationship committee, risk policy and monitoring committee.
Prior to HDFC Bank, Sukthankar worked in Citibank for nine years. Besides, he has been a member of various committees formed by Reserve Bank of India and Indian Banks' Association.
Paresh Sukthankar completed his graduation from Sydenham College, Mumbai, and holds a Bachelor of Commerce (BCom) degree from University of Mumbai. He completed the Advanced Management Program (AMP) from the Harvard Business School.
(Edited by Manoj Sharma)