HDFC Bank MD & CEO Sashidhar Jagdishan won’t seek reappointment, to retire on Oct 26
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HDFC Bank Managing Director and Chief Executive Officer Sashidhar Jagdishan has decided not to seek reappointment for a third term, bringing his five-year tenure at India’s largest private sector lender to an end on October 26, 2026.
In an exchange filing, HDFC Bank said Jagdishan “has conveyed today, his decision to not seek his re-appointment as the Managing Director & Chief Executive Officer (MD&CEO) of the Bank.”
“At its meeting held today, the Board of Directors took note of Mr. Sashidhar Jagdishan’s communication to not seek reappointment. 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 private lender said in an exchange filing today.
The bank’s board took note of his decision at its meeting on Saturday and said it had attempted to persuade him to reconsider. However, “despite persuasion, Jagdishan reiterated his decision to not seek reappointment.”
Accordingly, Jagdishan will retire from the services of HDFC Bank “upon the close of business hours on October 26, 2026.” The board said it deeply appreciated his “commitment, leadership, contribution to the growth, stability of the Bank” and his role in the successful completion of the merger between HDFC Bank and Housing Development Finance Corporation (HDFC), one of the largest mergers in corporate India.
The board has decided to “fast-track the process for selection and appointment of his successor well within time.”
The surprise announcement comes amid reports that HDFC Bank had been expediting discussions to finalise Jagdishan’s reappointment for a third term. The bank’s board had publicly backed his continuation, even as the lender faced heightened scrutiny over governance following the controversial resignation of former part-time chairman Atanu Chakraborty on March 18.
Recently, HDFC Bank appointed former finance secretary and former chief election commissioner Rajiv Kumar as its part-time chairman. The Reserve Bank of India had earlier indicated that the bank should first finalise the appointment of its new chairman, following which the CEO selection process would be undertaken.
The announcement follows the completion last week of a three-month legal review into the governance concerns surrounding Chakraborty’s exit. The review, conducted by Wilson Sonsini Goodrich & Rosati and Wadia Ghandy, said that “contemporaneous evidence reviewed was inconsistent” with statements made by Chakraborty in his resignation letter.
On Friday, HDFC Bank shares ended 1.12% higher at ₹720, valuing the lender at around ₹11.09 lakh crore.