HDFC Bank’s Sashidhar Jagdishan to retire on October 26; bank to fast-track successor appointment

Sashidhar Jagdishan will step down as Managing Director and Chief Executive Officer of HDFC Bank after deciding not to seek another term, the bank said in a regulatory filing on Saturday (August 290.

Jagdishan will retire from the bank at the close of business on October 26, 2026. The decision was conveyed to the bank on Saturday, and the board took note of it at a meeting held the same day.

The bank said the board had sought to persuade Jagdishan to continue, but he reiterated his decision not to seek reappointment. His departure will bring an end to his tenure as the bank's MD and CEO.

 

Bank to begin search for successor

HDFC Bank's board has decided to fast-track the selection and appointment of a successor, with the process to be completed before Jagdishan's retirement, according to the filing.

Jagdishan took over as HDFC Bank's MD and CEO on October 27, 2020, succeeding Aditya Puri. His tenure included the completion of the merger between HDFC Bank and Housing Development Finance Corporation (HDFC), one of the largest corporate mergers in India.

The bank said Jagdishan had contributed to its growth and stability and had played a role in completing the merger. The board also conveyed its best wishes to him for his future.

The filing did not provide a reason for Jagdishan's decision or name any potential candidates for the position.

 

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Jagdishan's journey at HDFC Bank

Jagdishan joined HDFC Bank in 1996 as a manager in the finance department and went on to become Business Head of Finance in 1999. He was appointed Chief Financial Officer in 2008 and led the bank's finance function for 12 years before taking over as MD and CEO in 2020.

In 2019, he was appointed Strategic Change Agent and given additional responsibilities covering areas including human resources, legal and secretarial, corporate communications, infrastructure and administration, and corporate social responsibility.

Jagdishan has more than 30 years of professional experience, including 27 years at HDFC Bank. Before joining the bank, he worked with Deutsche Bank in Mumbai for three years. He is a physics graduate from Mumbai University, a chartered accountant and holds a master's degree in Economics of Money, Banking and Finance from the University of Sheffield in the UK.

Jagdishan's time as CEO also coincided with HDFC Bank's integration with HDFC following their merger, which created a combined financial services group with banking and housing finance operations under one entity.

HDFC Bank said the process to appoint his successor would be accelerated to ensure a transition before Jagdishan leaves the bank on October 26.