HDFC Standard Life Insurance Company Ltd. today appointed Vibha Padalkar as its managing director and chief executive officer.
Padalkar, who will succeed Amitabh Chaudhry, has been appointed for a period of three years, the Mumbai-based insurer said in an exchange notification. Chaudhry stepped down on Sept. 8 to head Axis Bank as its managing director and chief executive officer, succeeding Shikha Sharma who will remit her position on Dec. 31. Padalkar has been associated with HDFC Standard Life since 2008.
“I am delighted with the opportunity given to me to lead the HDFC Life team,” Padalkar said in an exchange filing. “I thank the board of directors for having placed their
trust in me.”
Chairman Deepak Parekh in the filing said, “I am convinced that Padalkar and the team will drive the organisation to greater success and add value to our business as we cross many more milestones.”
The insurance company also appointed Suresh Badami as its whole-time director for a period of three years, effective Sept. 17, the notification said.
The changes at the helm still await approval from the insurance regulator and shareholders, the company said.
Formed in 2000, HDFC Standard Life got listed in November under the leadership of Chaudhry. The insurer has the highest market share of first year premiums in the private sector.
Shares of HDFC Standard Life posted its longest losing streak in nearly a month. The stock closed 2.7 percent lower at Rs 434 apiece today.
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