HDFC Bank Says Board Is Reviewing CEO Sashidhar Jagdishan's Reappointment

HDFC Bank has started the process of reappointing Managing Director (MD) and Chief Executive Officer (CEO) Sashidhar Jagdishan, with the lender's board and Group Nomination & Remuneration Committee (GNRC) currently evaluating the matter.

Speaking during the bank's Q1 FY27 earnings call, Deputy Managing Director Kaizad M. Bharucha said the process is underway and the bank will share an update once a decision is taken.

Jagdishan's current term as MD and CEO is scheduled to end in October 2026. "The GNRC and board is completely seized of the matter and this is work in process. Once we have a decision from them, we will certainly let all stakeholders know of the outcome of that decision. So is it something that has been worked upon? Answer is yes. And we will come back to you shortly on it," Bharucha said.

Jagdishan declined to comment on his own continuation, saying it would be "unbecoming" for him to speak on the issue and that the decision rests with the board.

New Chairman Takes Charge

The CEO reappointment process comes shortly after HDFC Bank completed a transition at the board level. Former NITI Aayog Vice Chairman Rajiv Kumar assumed charge as the bank's non-executive chairman on July 15 after receiving approval from the Reserve Bank of India (RBI) for a three-year term.

Before Kumar's appointment, independent director Keki Mistry had been serving as interim chairman following the departure of the previous board chief.

Jagdishan said Kumar's appointment has brought "a sense of stability" and sent "clear signals to minimize uncertainties in the minds of clients and stakeholders." He also said Kumar's first board meeting reflected detailed preparation and was well received.

"His demeanor and his endeavor is to minimise uncertainties in a very short time period. So that is a signal that came about," Jagdishan said.

Focus on Growth

Jagdishan became HDFC Bank's MD and CEO in October 2020 after succeeding long-time chief Aditya Puri, who led the bank for 26 years. Before taking over the top role, he served as the lender's finance chief.

During the earnings call, Jagdishan also said HDFC Bank is "on the cusp of clicking the pedal" on loan growth after investing heavily in branches, technology and distribution over the past five to six years.

According to him, those investments are expected to deliver stronger productivity gains over the next two to three years. HDFC Bank has not shared a timeline for completing the CEO reappointment process, but the management's comments indicate that the exercise is formally underway under the lender's new board leadership.