Deepak Parekh to Relinquish Post as HDFC CEO

HDFCAfter being the head of India's home loan giant, Housing Development Finance Corp for a 16 year long period, Deepak Parekh will reportedly step down from his current position as the firm's CEO on December 31. His place will be taken by the current VC & MD, Keki Mistry, who will then be designated as the VC & CEO.

Mr. Parekh, who has been with HDFC for 31 years, will however, continue to act as the mortgage lender's Non-Executive Chairman. HDFC is the parent company for all HDFC group firms, including HDFC Bank.

Over the years, HDFC has emerged as one of the nation's most stable financial institutions, mainly under Mr. Parekh's wing. The institution was founded in 1977 by his uncle, Hasmukhbhai Parekh , at a time when India had heard only scratches of the concept of housing finance.

After the current year, HDFC will see the elevation of two more senior leaders. Renu Sud Karnad, who is currently serving as the Joint MD will be announced as the MD, and V Srinivasa Rangan, Senior General Manager and Chief Treasurer will be take charge as the Executive Director.

All the changes will be effective starting January 1, 2010.