In its meeting held on Saturday, HDFC board of directors took note of Sashidhar Jagdishan’s communication to not seek reappointment, the bank said in stock exchange filing.
Despite persuasion, 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 26 October 2026, the bank said.
The board decided to fast-track the process for selection and appointment of Jagdishan’s successor well within time. The bank said.
The board said it deeply appreciated Jagdishan’s commitment, leadership, contribution to the growth, stability of the bank and his role in successful completion of one of the largest mergers in corporate India.
Jagdishan joined the Bank in the year 1996 as a Manager in the Finance function. He became the Business Head – Finance in 1999 and was appointed as Chief Financial Officer in the year 2008. He played a critical role in supporting the growth trajectory of the Bank and led the finance function with a pivotal role in aligning the organisation in achieving the strategic objectives over the year.
Prior to his appointment as Managing Director and Chief Executive Officer of the Bank, he was the Group Head of the Bank and headed the Finance, Human Resources, Legal & Secretarial, Corporate Communications, Infrastructure & Administration as well as Corporate Social Responsibility functions.
On 18 March 2026 Atanu Chakraborty stepped down as HDFC Bank Chairman citing a clash with “certain happenings and practices” at odds with his personal ethics.
HDFC Bank had appointed external law firms (domestic and international), to conduct review regarding Atanu Chakraborty’s resignation letter. It also appointed veteran banker Keki Mistry as the interim chairman. External Law Firms found that Chakraborty’s Statement and its implications were not substantiated by the record and witness interviews.
Later, HDFC Bank appointed Former Union Finance Secretary Rajiv Kumar as a Part-time Chairman for a period of 3 years.
