4 days ago
HDFC Bank Begins Formal Search for Jagdishan’s Successor
Sashidhar Jagdishan has decided not to seek another term as HDFC Bank’s chief executive.
He will leave the bank on October 26, 2026.
HDFC Bank must now find someone to replace him.
First, a committee called the Nomination and Remuneration Committee will study possible candidates.
It will suggest its preferred candidate to the bank’s board.
The board will then review the choice.
After that, the Reserve Bank of India must approve the appointment.
The bank is expected to speed up this process because Jagdishan’s retirement date is fixed.
Sashidhar Jagdishan will retire as HDFC Bank’s managing director and CEO on October 26, 2026.
HDFC Bank’s Nomination and Remuneration Committee is expected to evaluate candidates and recommend one to the board.
The bank’s board, chaired by Rajiv Kumar, will consider and approve the NRC’s recommendation.
The selected candidate must then receive approval from the Reserve Bank of India before appointment.
Macquarie Research said RBI approval has generally taken about 30–45 days, though timelines may vary.
- Who
- Sashidhar Jagdishan, HDFC Bank, its Nomination and Remuneration Committee, the bank’s board and the Reserve Bank of India.
- What
- HDFC Bank is selecting a new managing director and chief executive after Jagdishan decided not to seek reappointment.
- Where
- At HDFC Bank in India, with the final appointment requiring approval from the Reserve Bank of India.
- When
- Jagdishan will retire at the close of business on October 26, 2026; the bank disclosed the decision in a regulatory filing on Saturday, August 29.
- Why
- The succession process is required because Jagdishan will leave the managing director and CEO position.
Key facts
- Outgoing CEO
- Sashidhar Jagdishan
- Retirement date
- October 26, 2026
- First selection body
- HDFC Bank’s Nomination and Remuneration Committee
- NRC chair
- Harsh Kumar Bhanwala
- Bank board chair
- Rajiv Kumar
- Final approval
- Reserve Bank of India
- Indicative RBI timeline
- Macquarie Research said approval has generally taken about 30–45 days after a bank recommends a candidate.
Sources
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