HDFC Life Insurance announced in an exchange filing on Thursday that Deepak Parekh has resigned as Chairman and non-executive Director.

The new chairman of the board is Keki M. Mistry. "Deepak S Parekh has decided to step down as the chairman and non-executive director of the company with effect from close of the business hours on April 18, 2024," the business announced.

"Keki M. Mistry has been unanimously appointed to the position of chairman of the board, effective immediately, pending approval from the Insurance Regulatory and Development Authority."

Mistry, 69, is a fellow member of the Institute of Chartered Accountants of India and a chartered accountant (CA). He held the positions of CEO and vice-chairman at the Housing Development Finance Corporation (HDFC) Limited.

"Mistry became a non-executive director on the board of HDFC Bank Limited after HDFC Limited and HDFC Bank merged. Mistry also superannuated from HDFC Limited." In addition, he serves as a director on the boards of several other well-known businesses," the business stated. 

Additionally, Venkatraman Srinivasan was named an independent director by the firm. "Venkatraman Srinivasan has been appointed as an additional-independent director by the board, with effect from April 18, 2024, for a term of five consecutive years, subject to the approval of the shareholders in the company's ensuing annual general meeting," the filing stated. The insurance further stated that on April 24, 2024, V K Viswanathan and Prasad Chandran will step down from their roles as independent directors after serving two consecutive terms of five years apiece.