Deepak Parekh Says Open To Looking For Talent Outside For Succession At HDFC Group

Deepak Parekh, who set the process of succession planning rolling in all HDFC Group companies, said they are open to looking at talent outside.

The group has so far looked at internal talent to fill top management slots but “we’ll have to see”, the non-executive chairman of HDFC Group told BloombergQuint in an interview.

It is not automatic that the No. 2 becomes No. 1. You have to go through the market place to get the best talent possible.”
Deepak Parekh, Non-Executive Chairman, HDFC Group

Parekh wrote to the shareholders in this year’s annual report about succession planning. Each group company will have its own plan and the senior management has to move on in the next two-three years, he said.

Parekh stepped down from the executive role at HDFC Ltd., India’s largest housing finance company, in 2010. He said he will step down from the role of non-executive role in two-three years.

The HDFC group will have a total market capitalisation of Rs 10.56 lakh crore after its asset management arm goes public this month. The size of the group means that its succession process has to satisfy international stakeholders, Parekh said.

Also read: Parekh Says Enough Left On The Table For HDFC AMC Investors To Make Returns