Daijiworld Media Network - New Delhi
New Delhi, Aug 29: HDFC Bank MD and CEO Sashidhar Jagdishan has decided not to seek reappointment for another term and will retire from the country's largest private sector lender on October 26, 2026, the bank said in an exchange filing on Saturday.
Jagdishan conveyed his decision to the bank and reiterated it despite efforts by the Board to persuade him to continue, the lender said.
"The Board deeply appreciated his commitment, leadership, contribution to the growth, stability of the Bank and his role in successful completion of one of the largest mergers in corporate India," HDFC Bank said.
The Board also conveyed its best wishes to Jagdishan for his future endeavours.
Following his decision, the Board has decided to fast-track the process of selecting and appointing his successor well ahead of his retirement, the bank said.
Jagdishan took charge as HDFC Bank's MD and CEO in October 2020, succeeding Aditya Puri, who had headed the bank for more than two decades.
His tenure included the merger of HDFC Ltd with HDFC Bank, creating one of India's largest financial services groups and marking a major milestone in the country's corporate sector.
The HDFC Bank Board, at its meeting on Saturday, took note of Jagdishan's communication that he did not wish to seek reappointment.
The bank said Jagdishan will continue as MD and CEO until the close of business hours on October 26, 2026. The succession process will be accelerated to ensure that his replacement is appointed well before his retirement.
Jagdishan has been associated with HDFC Bank for more than two decades and has held several key positions, including Chief Financial Officer, before taking over as its chief executive.
The announcement comes at a crucial juncture for HDFC Bank as it continues to integrate and leverage the expanded scale of operations following its merger with HDFC Ltd.
Shares of HDFC Bank closed at Rs 719.50 on the NSE on Friday. The stock has touched a 52-week high of Rs 1,020.50 and a 52-week low of Rs 707 on the exchange.