Housing Development Finance Corp appoints new chief

Keki Mistry replaces Deepak Parekh as HDFC’s CEO on 31 December after 16 successful years.

Keki Mistry, currently the V-C and MD of the mortgage lender, will step in as the CEO, designated as V-C & CEO. However, Parekh, who has been with the institution for 31 years, will continue with HDFC as its non-executive chairman, a release said. HDFC is the holding company for all HDFC group firms, including HDFC Bank.

Over the years, under Parekh's leadership, HDFC has emerged as one of the most stable mortgage lenders in the country. Even in the face of intense competition from new entrants, who mainly structured their business models around predatory pricing, HDFC maintained a cost-based, customer-oriented approach. HDFC was founded by Parekh's uncle Hasmukhbhai Parekh in 1977, at a time when the concept of housing finance was nearly non-existent in India, as stated in a report in the Times of India.

Under Parekh's leadership, HDFC has also diversified into various segments within the finance vertical, namely banking, MF, life and general insurances, and real estate venture fund. Parekh, a towering figure in the Indian financial sector and also a social activist, is on the board of several leading corporations. The list includes IDFC, GlaxoSmithKline Pharma, Siemens India, and Lafarge India.

HDFC will also see two more senior leaders being elevated. Renu Sud Karnad, currently the joint MD, will be MD. And V Srinivasa Rangan, currently senior general manager & chief treasurer, will assume the charge as executive director.