HDFC Bank names Rajiv Kumar as part-time chairman

The board of HDFC Bank approved the appointment of former Finance Secretary and Chief Election Commissioner Rajiv Kumar as its new part-time chairman on Monday, June 29, pending regulatory clearance. Kumar will also join the board as an independent director, effective from Tuesday, June 30, subject to shareholder approval. This decision concludes a three-month search for leadership stability following the abrupt resignation of former chairman Atanu Chakraborty in March.

Chakraborty had resigned on March 17, stating in a letter that certain happenings and practices he observed over the preceding two years were not in congruence with his personal values and ethics. His departure triggered a sharp decline in the bank's share price and prompted an external legal review.

The results of that independent review were announced on Friday, June 26. Conducted by the law firms Wilson Sonsini Goodrich Rosati and Wadia Ghandy Co., the three-month investigation examined thousands of documents and interviewed independent directors and senior management. The review concluded that Chakraborty’s statement and its implications were not substantiated by documentary records or witness testimony.