Mistry is new HDFC CEO

Mistry is new HDFC CEO
The Financial Express, December 5, 2009, Page 1

fe Bureaus, Mumbai

HDFC vice-chairman and managing director Keki Mistry would be the new CEO of the corporation after Deepak Parekh steps down on January 1, 2010, after serving the country’s largest mortgage lender for 31 years.

Parekh, who has been heading HDFC for last 16 years of his 31 years of service with the corporation, would continue to be the chairman of the organisation, albeit in a non-executive capacity.

Mistry would be re-designated as the vice-chairman and chief executive officer with effect from January 1, 2010. Renu Sud Karnad, currently the joint managing director has been appointed as the managing director of the corporation for a period of 5 years.

Parekh has been appointed as an additional director of the corporation and shall hold the office as such up to the date of the next annual general meeting of the corporation.

Speaking to FE Mistry said, “I do not foresee a further correction in the real estate prices in the metro cities. Even if the interest rates rise, I do not anticipate a fall in demand for affordable homes as long as Indian economy continues to do well.'' Promoting affordable housing would top the agenda Mistry said. V Srinivasa Rangan, senior general manager and chief treasurer, has been appointed as the executive director of the corporation for a period of five years.