Egon Zehnder to identify Puri’s successor: Sources

The board’s decision to recruit a global head-hunting firm comes as a six-member internal search committee, appointed in November last year, has not been able to reach a consensus on selecting a successor to Puri, who has been at the helm of the country’s largest private lender since its inception in 1994.

Puri, whose term comes to an end in October this year, is also an advisor to the search committee tasked with identifying a suitable candidate. “The latest decision to hire a global advisory firm has been taken after the search committee members realised that they have been struggling to come to a consensus on the final name,” said a source familiar with the internal deliberations among the committee members. “The deadline for Puri’s successor is nearing ... the bank will have to appoint someone who can continue to push for growth despite an economic slowdown,” he added. As per regulations, the bank will need to get RBI approval, before any new appointment can be confirmed. HDFC Bank is one of three domestic lenders designated as “too big to fail.”