HDFC Bank CEO Sashidhar Jagdishan to retire in October, will not seek reappointment
Recently he had faced allegations of violating corporate governance norms, which the bank later denied.
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HDFC Bank Managing Director and CEO Sashidhar Jagdishan has decided against seeking another term and will retire from the bank on October 26, 2026.
Confirming the development in a regulatory filing on Saturday, the private-sector lender stated, “At its meeting held today, the Board of Directors took note of Mr. Sashidhar Jagdishan’s communication not to seek reappointment. Despite persuasion, Mr. Jagdishan reiterated his decision to not seek reappointment. Accordingly, he shall retire from the services of the Bank upon the close of business hours on October 26, 2026.”
“The Board deeply appreciated his commitment, leadership, contribution to the growth and stability of the Bank and his role in the successful completion of one of the largest mergers in corporate India. The Board conveyed its best wishes to him in his future endeavors,” it added.
HDFC Bank said it will now speed up the process of finding his successor. The lender is yet to finalize the name of next MD and CEO.
Jagdishan took charge as HDFC Bank MD and CEO on October 27, 2020. He joined the bank in 1996 and spent more than two decades in various leadership roles, including serving as Chief Financial Officer. Before becoming CEO, he was also given additional responsibilities covering areas such as human resources, legal and secretarial functions, corporate communication and CSR.
His decision comes after a period of increased attention on the bank’s governance. Recently he had faced allegations of violating corporate governance norms, which the bank later denied. In June, an external review found no evidence supporting governance-related concerns raised by the bank’s former chairman.
Earlier this year, the bank's part-time chairman Atanu Chakraborty had resigned citing ethical grounds.