HDFC Bank managing director and CEO Sashidhar Jagdishan has decided not to seek reappointment when his term ends on October 26, 2026. The 61-year-old bank veteran informed the board of his decision and stood firm despite their efforts to persuade him otherwise. The bank disclosed the development to stock exchanges on Saturday, August 29.
Board Applauds Leadership During Mega Merger
The board praised Jagdishan for his commitment and leadership during the bank’s growth journey. It specifically acknowledged his role in successfully completing one of India’s biggest corporate mergers between HDFC and HDFC Bank. The board also wished him well for his future endeavors after he declined to reconsider his decision.
A Career Spanning Three Decades
Jagdishan joined HDFC Bank in 1996 as a manager in the finance division. He became the finance head in 1999 and was appointed chief financial officer in 2008. The board had approved his current term in March 2023, seven months ahead of schedule. His retirement will mark the end of a 30-year journey at India’s largest private sector lender.
Successor Selection Process Gains Pace
The bank said its board will complete the selection and appointment of a new CEO quickly and within the timeline. The process has already begun to ensure a smooth leadership transition by October 26. For context, ICICI Bank recently secured RBI approval for Sandeep Bakshi’s reappointment in May, with his term also ending in October. Banks typically seek RBI approval about six months before a CEO term ends.
Governance Concerns Cloud Final Months
Jagdishan’s final months follow the sudden resignation of non-executive chairman Atanu Chakraborty in March 2026. Chakraborty had flagged concerns about ethics and governance practices at the bank. Jagdishan was also fined Rs 1 lakh in the MSRDC case for improper conduct after a depositor received payments exceeding the card interest rate on large deposits.
