HDFC Bank Begins Search for New CFO as Vaidyanathan's Tenure Nears End

HDFC Bank has started a search for a new chief financial officer, with current CFO Srinivasan Vaidyanathan unlikely to be given an extension when his term ends in October this year, according to a report by Moneycontrol.

The bank has begun engaging with senior industry professionals to identify a replacement for Vaidyanathan. This follows the recent exit of Bhavin Lakhpatwala, a long-time HDFC Bank executive who was seen as a likely successor. Lakhpatwala joined RBL Bank as its CFO on Friday.

However, Vaidyanathan could still be granted a one-year extension if the search process remains inconclusive. "This is possible if some of the candidates who are considered for the role decide otherwise," a source told the publication.

According to the report, HDFC Bank may not fill the position internally and has approached CFOs at competing banks, particularly the top four private lenders. The search process is in early stages and it may take a few more weeks to finalise a name, the report added.

Other Leadership Changes Underway

The CFO search coincides with other leadership transitions at the bank. The term of interim chairman Keki Mistry is likely to end in mid-July, though a 90-day extension has reportedly been sought. The board will also need to soon submit its recommendation on a fresh term for CEO and managing director Sashidhar Jagdishan, whose tenure ends in October this year.

As per a decision finalised in late 2024, the board has decided to be highly selective about extending tenures for employees who have crossed the superannuation age. Vaidyanathan, around 63 years old, is already serving on an extension. HDFC Bank's HR policy sets the superannuation age for key managerial personnel at 60 years.

Vaidyanathan joined HDFC Bank in late 2018 as group head of finance. He was elevated to CFO when Jagdishan moved to the role of "Strategic Change Agent" as part of Aditya Puri's succession plan for the CEO position. Before joining HDFC Bank, Vaidyanathan worked at Citigroup in New York as Managing Director, Finance and Deputy Treasurer in the Institutional Clients Group.