New Delhi, December 05: Deepak Parekh, Chairman and CEO of the country’s largest mortgage lender Housing Development Finance Corporation, will step down next month after serving the bank for 31 years.
Managing Director and Vice Chairman of the company K K Mistry will take over as Vice-Chairman and CEO when Parekh steps down on January 1, 2010, HDFC said in a statement.
Parekh will, however, continue as non-executive Chairman of HDFC, the holding company of its group ventures, including HDFC Bank, founded by his uncle Hasmukhbhai Parekh in 1977. Deepak Parekh assumed the role of Chairman and CEO in 1993.
Under his leadership, HDFC has grown from its humble beginning into a major player with its activities diversifying into banking, asset management, life insurance, general insurance and real estate venture fund.
Besides HDFC, Parekh is on the board of several leading corporations across diverse sectors. He is the non-executive chairman of Infrastructure Development Finance Company (IDFC), GlaxoSmithkline Pharmaceuticals, Siemens India and Lafarge India.
He has been a member of various government appointed committees and advisory panels, which includes financial services, capital markets and infrastructure sector reforms.
He is also member of the Investment Commission that advises the government on ways to attract greater FDI inflows into India.
–PTI