HDFC Life appoints Vibha Padalkar as new MD & CEO
Vibha Padalkar has been leading the Finance, Investor Relations, Legal, Secretarial and Compliance, Internal Audit and Risk functions
HDFC Life, one of India’s largest private life insurers has announced the appointment of Vibha Padalkar as its new Managing Director & CEO for a period of 3 years effective September 12, 2018, in a board meeting held today.
After a successful listing on the bourses in November 2017, HDFC Life is one of the most valuable private life insurers with industry-leading profitability, delivering superior returns to investors.
Speaking on her new role, Vibha Padalkar said, “I am delighted with the opportunity given to me to lead the HDFC Life team. I thank the Board of Directors for having placed their trust in me. It will be my constant endeavour to continue expanding the reach of life insurance and deepen the trust bestowed upon us by customers, partners, shareholders and other stakeholders. We have a strong team in place that has delivered over the years to make HDFC Life an industry leader and we hope to continue with this track record, delivering more value as we go along.”
Vibha Padalkar joined HDFC Life in August 2008. She qualified as a member of the Institute of Chartered Accountants of England and Wales in 1992. She is also a member of the Institute of Chartered Accountants of India. Previously, she has worked in varied sectors such as global Business Process Outsourcing, global FMCG and in an international audit firm.
Vibha Padalkar has been leading the Finance, Investor Relations, Legal, Secretarial and Compliance, Internal Audit and Risk functions. She was recently honoured with the ‘CA CFO – Insurance Sector’ award by the Institute of Chartered Accountants of India and by Business Today for the second consecutive year, as one of the ‘Top 30 most Powerful Women in Business’. She was also conferred the ‘CFO-Woman of the year’ award by the Institute of Chartered Accountants of India in 2011 and for “Excellence in Financial Control, Compliance and Corporate Governance” by IMA, India in 2013.
The Board of Directors has also appointed Suresh Badami as a whole-time Director of the Company for a period of 3 years, commencing from September 17, 2018.
The decisions were taken by the Board based on the recommendation of the Nomination & Remuneration Committee. The terms of appointment, are subject to approval by the shareholders and the Insurance Regulatory and Development Authority of India.
Commenting on the appointment, Deepak Parekh, Chairman HDFC Life said, I am happy to welcome Vibha Padalkar in her new role as the MD & CEO of HDFC Life. We have witnessed HDFC Life grow from strength to strength, since its inception in 2000. I am convinced that Ms. Padalkar and the team will drive the organization to greater success and add value to our business as we cross many more milestones. I also take this opportunity to thank Amitabh Chaudhry for his leadership and vision. I wish him the very best in his new role.”
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