HDFC Life elevates Vibha Padalkar as MD and CEO

Mumbai: HDFC Life on Wednesday appointed Vibha Padalkar as its new managing director and CEO for a period of three years, it said in a regulatory filing. The position had fallen vacant after Amitabh Chaudhry resigned on Saturday to head Axis Bank.

“HDFC Life announced the appointment of Vibha Padalkar as its new managing director and CEO for a period of three years effective 12 September, 2018, in a board meeting held today,” it said, adding that the terms of appointment are subject to approval by the shareholders and the Insurance Regulatory and Development Authority of India (IRDAI).

Prior to her elevation, Padalkar was the chief financial officer (CFO) and executive director at the insurer. A member of the Institute of Chartered Accountants of England and Wales, Padalkar joined HDFC Life in August 2008. She is also a member of the Institute of Chartered Accountants of India (ICAI).

The statement from HDFC Life said that Padalkar has worked in varied sectors such as global business process outsourcing (BPO), global FMCG and in an international audit firm. She was recently honoured with the ‘CA CFO – Insurance Sector’ award by the ICAI. That apart, Padalkar was also conferred the ‘CFO-Woman of the year’ award by the ICAI in 2011 and another for “Excellence in Financial Control, Compliance and Corporate Governance” in 2013.

“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,” Padalkar said in the statement.