New Delhi: 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
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