The crisis manager
Deepak Shantilal Parekh is almost as famous a brand as HDFC, the institution that he has helmed for decades. This is probably why the government decided to call on him to help sort out the Satyam mess.
A chartered accountant, Parekh has been known to have successfully gazed into the crystal ball in the past. In 1978, he surrendered a cushy job in a foreign firm to join his uncle’s fledgling mortgage business HDFC. He told BT recently: “I saw an opportunity and the job was also challenging as there were no housing finance companies then.” Today, the housing major, HDFC, sits on an asset base of close to $20 billion (Rs 1 lakh crore). Parekh allows managers to run their respective divisions independently without any day-to-day interference. He has also been very conscious in building a second line of leadership at the parent HDFC, where he promoted his deputy, 54-year-old Keki Mistry, who has been officiating as Managing Director since 2000 (and Vice-Chairman since 2007).
“His leadership style is very inclusive and empowering. He is accessible to all and also goes out of his way to help people. That’s evident in our Group’s low attrition rate,” says Renu Sud Karnad, Joint Managing Director, HDFC, who has been with the group for the last three decades. The 64-year-old’s biggest contribution is the strong DNA that he has created within the group. He recently told BT: “The youngsters have to tread carefully. They have seen different phases of growth—the high and the low and also the bull and the bear phase. One has to be very prudent when lending and stay away from complex products that they don’t understand.”
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