Deepak Parekh steps down as the Chairman and non-executive director of HDFC Life Insurance

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Veteran banker Deepak Parekh has stepped down from the role of Chairman and Non-Executive Director of HDFC Life Insurance, the HDFC Group firm said in an exchange filing on April 18.

“Deepak S Parekh has decided to step down as the Chairman and NonExecutive Director of the Company with effect from close of the business hours on April 18, 2024,” the company said.

The company also said that they have appointed Keki Mistry as the Chairman of the Board.

“The board has unanimously approved the appointment of Keki M Mistry as the Chairman of the Board with immediate effect subject to approval of Insurance Regulatory and Development Authority,” the company said.

“With deep gratitude and respect, we acknowledge the exemplary leadership and invaluable contributions of Mr. Deepak S Parekh as he retires from his role as Chairman and Non-Executive Director of HDFC Life. Mr Parekh’s visionary guidance has been instrumental in shaping the success of our Company and his focus on customer delight, excellence in business and corporate
governance has inspired each one of us. Under his stewardship, HDFC Life has achieved remarkable milestones, emerging stronger and more resilient than ever before. We extend our best wishes to Mr. Parekh in his journey ahead,” HDFC Life MD & CEO Vibha Padalkar said in the exchange filing.

The company also informed that VK Viswanathan and Prasad Chandran shall cease to be Independent Directors of the Company, upon completion of their two consecutive terms of 5 years each on April 24, 2024. The board also approved the appointment of Venkatraman Srinivasan as an Additional – Independent Director effective April 18, 2024, for a term of 5 consecutive years subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow