MUMBAI: The largest private sector lender HDFC Bank has decided to begin a global search to find a successor to the founding-chief executive Aditya Puri, who retires in October 2020. "The nomination and remuneration committee of the board will constitute a search committee to undertake a global search of both internal and external candidates," the second largest bank said in FY19 annual report. However, the median remuneration increase per employee of the bank stood at 10.31 percent, which is marginally down from 11.17% in the previous fiscal. Puri's salary was 248 times higher than the average employee salary in FY19, which is a jump from FY18, when his salary was 209 times higher. The bank scrip closed 0.28% up at ₹2,449.35 on the BSE, as against gains of 0.42 % on the benchmark.

Source: Mint June 11, 2019 15:45 UTC