HDFC Life Might Appoint Vibha Padalkar as a New Chief

HDFC Life Might Appoint Vibha Padalkar as a New Chief

Mumbai: Vibha Padalkar, executive director and chief financial officer of HDFC Standard Life Insurance Company, is said to be the frontrunner for the top job when the board meets on September 12 to appoint its next managing director and CEO after Amitabh Chaudhry resigned on Saturday.

“With Chaudhry moving to Axis Bank, Padalkar who is on the board of HDFC Life, will take over as MD and CEO,” said a person familiar with the development.

“The nomination and remuneration committee and the board will meet on Wednesday to appoint the next CEO.” Padalkar has been associated with HDFC Life since August 2008. She is responsible for the finance, legal, secretarial & compliance, internal audit, risk and investor relations functions. Text messages sent to Padalkar did not get any response.

Before joining HDFC Life, she was associated with WNS Global Services, Colgate-Palmolive (India ) and Pricewaterhouse-Coopers. Padalkar is a member of the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of India.

Insiders said Padalkar has a nose for detail. She played a key role in the proposed merger with Max Life Insurance Company, which was called off, and in the subsequent listing of the company. HDFC Life is today the most valued life insurance company in the country, with the market cap of Rs 90,704.54 crore.

“Padalkar has been with the insurer for a very long time and is associated with the success over the last decade,” the person said. The challenge for the next CEO will be to grow banc assurance – the second-largest life insurer is losing share to Birla Sun Life and Tata AIA Life Insurance.