The Reserve Bank of India (RBI) has given its final approval to the appointment of Sashidhar Jagdishan as the next chief executive officer of HDFC Bank, as per the reports. As reported by livemint.com the private sector lender has received the RBI’s approval letter last night.
Currently, Jagdishan is the additional director and head of finance, human resources, of the bank.
As a part of his new appointment, he will be taking over from Aditya Puri who will retire as the bank’s longest serving CEO ever since he took charge 26 years ago. Puri is set to retire by October this year.
Reportedly, Jagdishan was the lender’s top choice among the three shortlisted names, with Kaizad Bharucha and Sunil Garg also in consideration.
In November, the bank formed a six-member search committee to look for a replacement for Puri and had recruited Egon Zehnder for assistance. Puri was also an advisor to the search committee.
Among the other considered names Zehnder recommended the names of Mastercard chief executive officer Ajay Banga, who is likely to be the chairman in January 2021, and Piyush Gupta, global chief executive officer of DBS Bank.
In the last few months, HDFC Bank had witnessed a series of exits at the senior level exits of Abhay Aima, group head of private banking, Ashok Khanna, group head of secured vehicle loans; and Munish Mittal, chief information officer all seasoned professionals and close aides of Puri.