HDFC AMC has begun the hunt for a new Managing Director for the fund house.
In a regulatory filing, the fund house has said that HDFC AMC board has reappointed Milind Barve as Managing Director of the fund house and extended his tenure for three more months till January 31, 2021.
Further, the company said that the fund house is looking for successor for Barve. “Barve has expressed his desire to not seek an extension of his current term as managing director which expires on October 31, 2020, as he will be turning 63 this year. However, in order to provide adequate time to the company for identifying a successor in accordance with the succession planning process and to ensure continuity and smooth functioning of the business of the company. Barve has agreed to an extension of 3 months as the Managing Director of the company effective from November 1, 200 to January 31, 2020. ”
Milind Barve is the longest lasting CEO in the Indian mutual fund industry. He has been involved with HDFC AMC right from the beginning and has made it the most valuable fund house in the industry.
