HDFC Bank Managing Director & CEO Sashidhar Jagdishan has decided not to seek reappointment to the top executive position, bringing his six-year tenure as head of India’s largest private sector bank to an end.
HDFC Bank said Jagdishan has conveyed his decision not to seek reappointment as Managing Director & Chief Executive Officer (MD & CEO) of the bank. The Board of Directors, at its meeting held on Saturday, took note of his communication.
The Board said that despite its efforts to persuade Jagdishan to continue, he reiterated his decision. Accordingly, he will retire from the services of HDFC Bank at the close of business hours on October 26, 2026.
The Board placed on record its appreciation for Jagdishan’s commitment, leadership and contribution to the growth and stability of the bank. It also acknowledged his role in the successful completion of one of the largest mergers in corporate India — HDFC Bank’s merger with Housing Development Finance Corporation (HDFC).
The Board has decided to fast-track the process for identifying and appointing Jagdishan’s successor, well ahead of his retirement.
From finance chief to the top job
Jagdishan assumed office as MD & CEO of HDFC Bank on October 27, 2020. However, his association with the bank goes back much further.
Known as “Sashi” to friends and colleagues, Jagdishan joined HDFC Bank in 1996 as a manager in the Finance department. He became Business Head – Finance in 1999 and was appointed Chief Financial Officer in 2008.
He headed the finance function for 12 years and played a key role in aligning the organisation’s financial strategy with its broader business objectives before taking over as MD & CEO.
In 2019, Jagdishan was appointed “Strategic Change Agent of the Bank” and given additional responsibilities covering Legal & Secretarial, Human Resources, Corporate Communication, Infrastructure & Administration and Corporate Social Responsibility.
His tenure as MD & CEO included one of the most consequential corporate transactions in India’s banking sector, the merger of HDFC Ltd with HDFC Bank, which created a financial services institution of global scale.
A long association with HDFC Bank
Jagdishan has more than three decades of professional experience, including 27 years with HDFC Bank. Before joining the bank, he worked with Deutsche Bank AG, Mumbai, for three years.
His contribution to the banking and finance industry has also been recognised through several awards.
He was named Best CFO in the banking sector at the CNBC TV18 CFO Awards 2013-14. In 2019, he was adjudged Best CFO by a special jury at The Financial Express CFO Awards.
In 2020, he made his debut in India Today’s High & Mighty List, while Business Standard named him Banker of the Year in 2022.
Under his leadership, HDFC Bank received several major industry recognitions, including Financial Express Best Banks Awards’ Best Private Sector Bank in 2023; Euromoney’s Best Bank in India in 2021 and 2022; and BT-KPMG Best Banks Awards’ Best Large Indian Bank in 2020, 2021 and 2022.
The bank was also ranked first in the Large Bank category in Fortune India–Grant Thornton Bharat’s India’s Best Banks 2022 study and was recognised by FinanceAsia Magazine in 2022 for its commitment to high governance standards.
Academic and personal profile
Jagdishan is a Physics graduate from the University of Mumbai and a qualified Chartered Accountant. He also holds a master’s degree in Economics of Money, Banking & Finance from the University of Sheffield in the UK.
A Mumbaikar who was born and brought up in Matunga, Jagdishan lives in Mumbai with his wife and son.
Away from banking, cooking is one of his passions. He enjoys experimenting in the kitchen, although curd rice remains a favourite. He also enjoys Carnatic music and reading, while cycling is his preferred fitness activity.
With his decision not to seek another term, HDFC Bank now faces the task of choosing a successor who can steer the institution through its next phase of growth following the transformational HDFC merger.