New Delhi, Aug 29 (SocialNews.XYZ) HDFC Bank MD and CEO Sashidhar Jagdishan has decided not to seek reappointment for another term and will retire from the services of the country's largest private sector lender on October 26, the bank said in an exchange filing on Saturday.
According to the private lender, Jagdishan conveyed his decision to the bank and reiterated it despite the Board's efforts to persuade him to continue.
"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," the 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 for selection and appointment of his successor well within time, the bank said.
Jagdishan took charge as HDFC Bank's MD & CEO in October 2020, succeeding Aditya Puri, who had led the bank for more than two decades.
His tenure has included the merger of HDFC Ltd with HDFC Bank which created one of India's largest financial services groups and marked a significant milestone in the country's corporate sector.
The bank's Board at its meeting held on Saturday took note of Jagdishan's communication that he did not wish to seek reappointment.
The lender said he would continue to serve as MD & CEO until the close of business hours on October 26, 2026.
The succession process will now be fast-tracked to ensure that a new MD & CEO is appointed well before Jagdishan's retirement, the bank said.
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 top executive.
The bank's announcement comes at a significant juncture as it continues to integrate and leverage the expanded scale of operations following its merger with HDFC Ltd.
Shares of HDFC Bank on Friday settled at Rs 719.50 on the NSE. The stock has touched a 52-week high of Rs 1,020.50 and a 52-week low of Rs 707 on the exchange.
Source: IANS
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