HDFC Bank has reconstituted the search panel that was formed to find a successor to managing director and CEO Aditya Puri, whose term ends on October 26.

While a six-member panel was formed in November 28, 2019, the lender informed the bourses on Wednesday that Renu Sud Karnad, managing director of HDFC, will join the committee. She will replace Keki Mistry (vice-chairman and CEO of HDFC). Other members are Shyamala Gopinath, Sanjiv Sachar, M.D. Ranganath, Sandeep Parekh and Srikanth Nadhamun.

The filing said the exclusion of Mistry from the panel is because of “the cessation of his (Mistry’s) directorship from the board of the bank and Karnad’s appointment as an additional non-executive director on the board”.

In a separate announcement, HDFC Bank said its board has appointed Karnad as additional non-executive director. She will be a nominee of parent HDFC. In January, the bank had said that Keki Mistry has ceased to be a director on its board as he had completed his eight-year tenure, which is the maximum that the Banking Regulations Act allows.

While there have been speculation on differences between Puri and HDFC chief Deepak Parekh over the succession in the bank, in a recent interview to a newspaper Puri had denied any such rift.

Puri has not only made HDFC Bank the second largest lender with more than Rs 9 lakh crore in assets, but is also being credited with maintaining the asset quality at the bank. His succession is being keenly watched and speculation is intense whether the bank will pick an internal or an external candidate to replace him.

At the annual general meeting in 2019, Puri had said that his replacement should be better than him and should not require 18 months handholding for the job.