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HDFC Bank CEO Sashidhar Jagdishan Not Seeking Reappointment, to Retire in October: Report
On Saturday, Sashidhar Jagdishan, managing director and CEO of HDFC Bank, announced he will not seek reappointment, retiring on October 26, 2026, prompting the Board to fast-track the search for his successor.
With less than 2 months remaining in his tenure, Jagdishan reportedly opted out after failing to receive a green signal from the Board or Reserve Bank, who allegedly expressed discomfort with his continuation.
Recently, Jagdishan faced internal fines for "business overreach" regarding deposit arrangements with the Maharashtra State Road Development Corporation in 2017 and 2021; he also faced allegations of violating corporate governance norms, which the bank denied.
The stock recently fell to a 5 years low, yet the Board acknowledged Jagdishan's leadership and role in completing a major corporate merger, expressing best wishes for his future endeavors.
Jagdishan took over as CEO following the retirement of Aditya Puri; he joined HDFC Bank in 1996 as a Finance manager, became Chief Financial Officer in 2008, and previously worked three years at Deutsche Bank.