Sashidhar Jagdishan, Managing Director and Chief Executive Officer of HDFC Bank, has opted out of being considered for reappointment after his current term ends on October 26, putting succession at India's largest private sector bank in focus.
Jagdishan (61) will retire from the bank after spending nearly three decades with the lender. HDFC Bank's board said it will fast-track the process of selecting and appointing his successor and complete it "well within time", according to a regulatory filing on Saturday.
Jagdishan conveyed his decision not to seek another term and reiterated it despite persuasion from the board, the bank said.
The board appreciated his leadership and contribution to HDFC Bank's growth and stability, as well as his role in completing the merger with Housing Development Finance Corporation (HDFC), which it described as one of the largest mergers in corporate India.
Jagdishan joined HDFC Bank in 1996 as a manager in the Finance department. He became Business Head – Finance in 1999 and was appointed Chief Financial Officer in 2008.
He led the bank's finance function for 12 years as CFO and played a role in aligning the organisation with its strategic objectives.
Before joining HDFC Bank, Jagdishan worked with Deutsche Bank AG in Mumbai for three years. His professional experience spans more than 30 years, including 27 years at HDFC Bank.
In 2019, Jagdishan was appointed Strategic Change Agent of the Bank and given additional responsibilities covering legal and secretarial functions, human resources, corporate communications, infrastructure and administration, and corporate social responsibility.
Jagdishan took charge as HDFC Bank's MD and CEO on October 27, 2020, succeeding Aditya Puri. His tenure at the top included the completion of the HDFC Ltd-HDFC Bank merger, which became effective on July 1, 2023.
Jagdishan was also recognised for his work as a finance professional winning several awards.
As CEO Jagdishan also saw the merger of HDFC Bank and HDFC Ltd which he termed "a defining event" in bank's journey.
"This is a defining event in our journey and I'm confident that our combined strength will enable us to create a holistic ecosystem of financial services. We’re truly happy to welcome the talented team of HDFC Ltd. into the HDFC Bank family. I believe our journey will be defined by agility, adaptability, and a relentless pursuit of excellence. As we navigate the path ahead, we will embrace challenges as opportunities, learn from our experiences, and strive to be the benchmark of success and integrity in the financial services industry," he said.
HDFC Bank and HDFC Ltd announced their decision to merge on April 4, 2022. The transaction was completed after the companies received the required shareholder and regulatory approvals, with the merger taking effect on July 1, 2023.
The merger combined HDFC Ltd's housing finance business with HDFC Bank and created a larger financial services entity.
Jagdishan's decision not to seek reappointment brings the focus squarely onto who will take charge of HDFC Bank next.
