HDFC Deputy MD replacement by month-end

Addressing analysts via a conference call, Puri also revealed that Sukthankar was among the contenders for the CEO’s position in HDFC Bank, and reassured investors that his departure would not impact the bank’s future strategy. 

“I want to make it clear and distinguish between the two. It has come as a shock, it is a loss and I am sad. However, at the same time, life goes on,” Puri said. “This has got nothing to do with who will be the successor. These are his (Sukthankar) personal reasons. He requested that he be allowed to leave,” he added. In a regulatory filing last week, the bank announced Sukthankar’s resignation without citing any reasons. 

“Paresh Sukthankar has tendered his resignation as Deputy Managing Director of the bank, to be effective 90 days from the close of business hours of Friday,” the filing said.  Puri said: “There will no longer be a deputy MD’s post at HDFC Bank.” He also noted that HDFC Bank is well capitalised.