- Sashidhar Jagdishan will retire as HDFC Bank CEO on October 26
- HDFC Bank's board tried to retain him but accepted his retirement decision
- He has led HDFC Bank since October 2020 and oversaw its merger with HDFC Ltd
Sashidhar Jagdishan, the chief executive officer and managing director of India's largest private-sector lender HDFC, has decided not to seek reappointment, the bank said in a regulatory filing. He will retire on October 26.
HDFC Bank's board tried to convince him to continue as the financial institution's chief executive. He, however, conveyed his decision to retire.
"The Board deeply appreciated his commitment, leadership, contribution to the growth and stability of the Bank and his role in successful completion of one of the largest mergers in corporate India," the bank said, wishing Jagdishan well for his future.
The private lender has now fast-tracked the process to find his successor.
Jagdishan took charge as the bank's MD and CEO in October 2020, after Aditya Puri stepped down.
During his nearly six-year-long tenure, Jagdishan oversaw the merger of HDFC Ltd with HDFC Bank, which created one of India's largest financial services groups.
Jagdishan has worked at HDFC Bank for over two decades and held crucial positions, including being the chief financial officer.
Last month, the HDFC Board imposed a penalty of Rs 1 lakh on the bank's three top executives -- Jagdishan, Chief Financial Officer Srinivasan Vaidyanathan and Group Head (Retail Assets) Arvind Vohra -- for divergence from RBI direction in the Maharashtra State Road Development Corporation (MSRDC) case, reported PTI.
"Keeping in view any potential divergence with the applicable RBI Directions and based on the recommendations of the Special Disciplinary Committee of Independent Directors, the board decided to issue warning letters and monetary penalty of Rs 1 lakh for three senior employees (the Managing Director & CEO, Chief Financial Officer and Group Head - Retail Assets), and warning letters for the remaining employees," the board had said.
Jagdishan has professional experience of over 30 years. Before joining HDFC, he worked with Deutsche Bank AG.
He is a physics graduate from Mumbai University. He is also a chartered accountant. He later acquired a Master's degree in Economics of Money, Banking and Finance from the University of Sheffield.
"In his free time, Mr Jagdishan enjoys cooking and loves experimenting while in the kitchen, although 'thayir shadam' or the staple curd rice remains a favourite. Every weekend is his turn to cook for family and friends. He also enjoys listening to music, particularly Carnatic music and reading when he finds time. Cycling is his sport of choice when it comes to his fitness regime," says his bio on HDFC Bank's website.
