HDFC CEO Deepak Parekh to step down on 31 December
05 Dec 2009
Deepak Parekh CEO of home loan major Housing Development Finance Corp (HDFC) for 16 years is to step down from 31 December.
Keki Mistry, currently the vice chairman and managing director of the mortgage lender will assume responsibilities as CEO, designated as V-C and CEO. However Parkeh who has been with the company for 31 years will continue his association as the company's non-executive chairman according to a release.
HDFC is the holding company for all HDFC group firms which include HDFC Bank.
Over the years, under Parekh's stewardship, HDFC has emerged as one of the most stable mortgage lenders in the country in a highly competitive market.
It successfully took on later entrants whose business models centred on aggressive pricing, maintaining its cost-based, customer-oriented approach. HDFC was founded by Parekh's uncle Hasmukhbhai Parekh in 1977, at a time when housing finance was largely an unknown concept in India.
Under his leadership, HDFC has branched out into various segments within the finance vertical, including banking, mutual funds, life and general insurance and real estate venture fund.
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