Last Updated:
With Jagdishan set to retire in October, the HDFC Bank board has said it will fast-track the process of appointing his successor.
Sashidhar Jagdishan to retire from HDFC Bank
HDFC Bank Managing Director and Chief Executive Officer Sashidhar Jagdishan will retire from the private-sector lender on October 26, 2026, after deciding not to seek another term, the bank said in a regulatory filing.
Jagdishan informed the bank’s board about his decision on Saturday. The board took note of his decision and said it had tried to persuade him to reconsider, but he remained firm on stepping down.
Jagdishan To Retire In October
Jagdishan will retire from HDFC Bank at the close of business hours on October 26.
The bank said his decision came despite efforts by the board to convince him to continue.
“Despite persuasion, Mr. Jagdishan reiterated his decision to not seek reappointment. Accordingly, he shall retire from the services of the Bank upon the close of business hours on October 26, 2026,” the regulatory filing said.
The bank did not give details about his successor in the filing. The board, however, said it would speed up the process of appointing Jagdishan’s replacement.
Third Term Was Expected
As per reports, Jagdishan had been expected to seek a third term as the bank’s MD and CEO.
His decision to leave comes after the abrupt exit of a former chairman had raised concerns among investors about HDFC Bank. However, an external review completed in June found no evidence to substantiate the governance issues that had been raised by the former chairman.
The development comes as the bank has also taken action involving senior executives.
Three Senior Executives Penalised
In July, HDFC Bank’s board penalised three senior executives, including Jagdishan, after concluding that employees involved in setting deposit rates for a state agency had engaged in “business overreach”.
The action followed the board’s conclusion regarding the handling of deposit rates for the state agency.
Jagdishan’s decision not to seek reappointment now sets the stage for a change at the top of one of India’s largest private-sector lenders.
Bank To Fast-Track Succession
With Jagdishan set to retire in October, the HDFC Bank board has said it will fast-track the process of appointing his successor.
No details about the next MD and CEO were provided in the regulatory filing.
For now, Jagdishan is scheduled to remain in service until the close of business on October 26, after which he will retire from HDFC Bank.
About the Author
Shuddhanta Patra is an Indian journalist with about nine years of experience in covering national politics, geopolitics, defence, diplomacy and international affairs. Her reporting focuses on South As…Read More
Delhi, India, India
August 29, 2026, 6:43 PM IST
Read More
Source link
[ad_3]
