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Siemens has announced the appointment of HDFC executive chairman Deepak S Parekh, as the chairman of its board of directors, succeeding Dr F A Mehta who stepped down after a successful tenure of 16 years.
Mehta will, however, continue as a director on the board.
The board of directors of Siemens Ltd on Wednesday unanimously chose Deepak Parekh as chairman. A Chartered Accountant by qualification, Parekh, 59, is a member of the Institute of Chartered Accountants - England and Wales.
He began his career with Ernst & Ernst Management Consultancy Services in New York. On his return to India, he worked with Grindlays Bank. He later joined Chase Manhattan Bank as assistant representative for South Asia and also did a short stint in Singapore and Hong Kong with Chase Manhattan Bank N.A.
Parekh has served as a member of various committees set up by the Government of India.
In recognition of his achievements and contribution to Indian business, Parekh has been bestowed with several honors. Prominent among these are the prestigious Businessman of the Year 1996 by Business India, the J R D Tata Corporate Leadership Award by All India Management Association and became the youngest recipient of the Corporate Award for Lifetime Achievement from The Economic Times.
Parekh is a non-executive chairman of HDFC Chubb General Insurance Ltd, HDFC Standard Life Insurance Company Ltd, HDFC Asset Management Company and Infrastructure Development Finance Company Ltd.
Other than these companies, he is also the non-executive chairman of Glaxo Burroughs Wellcome (India) Ltd, and is on the board of several companies such as Castrol BP India, Hindustan Lever Ltd, Mahindra & Mahindra and Indian Hotels Company.