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HDFC Bank submits two CEO succession candidates to RBI
HDFC Bank is choosing a new leader because its current CEO, Sashidhar Jagdishan, will leave in October.
The bank’s board has sent the names of two possible replacements to the Reserve Bank of India.
The bank has not publicly identified the two candidates.
The RBI must approve the appointment and the proposed pay.
The new CEO would serve a three-year term.
Kaizad Bharucha is considered a possible internal choice, although other executives are also being discussed.
The bank also approved changes involving its whole-time directors.
It said the extra director position will help with oversight and future leadership planning.
HDFC Bank’s board submitted two unnamed candidates to the Reserve Bank of India for its next managing director and CEO.
Sashidhar Jagdishan is due to leave the bank in October after completing his second term.
The proposed candidates and their remuneration will require RBI approval for a three-year term.
Kaizad Bharucha is reported as a leading internal candidate, while several other banking and insurance executives are potential contenders.
The board approved director appointments and created an additional whole-time director position to strengthen oversight and succession planning.
- Who
- HDFC Bank’s board, Sashidhar Jagdishan, the two unnamed CEO candidates, and the Reserve Bank of India.
- What
- HDFC Bank submitted two candidates for its next managing director and CEO and approved related board changes.
- Where
- The announcement was made through a HDFC Bank exchange notification; the appointment requires approval from the Reserve Bank of India.
- When
- The submission was announced on Saturday; Jagdishan is due to step down in October, and the proposed CEO term is three years.
- Why
- The succession process is beginning because Jagdishan’s second term is ending, while the additional director position is intended to improve oversight and succession planning.
Key facts
- Current CEO
- Sashidhar Jagdishan
- Expected departure
- October, at the end of Jagdishan’s second term
- Candidates submitted
- Two names, not publicly disclosed
- Approving authority
- Reserve Bank of India
- Proposed CEO term
- Three years
- Reported leading internal candidate
- Kaizad Bharucha, deputy managing director of HDFC Bank
- Board expansion
- One additional whole-time director position, bringing the total to four apart from the MD and CEO
Sources
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