HDFC Bank’s managing director and chief executive Sashidhar Jagdishan on Saturday opted out of being considered for reappointment after his current term ends on October 26, the largest private sector lender said in a regulatory filing.
Jagdishan, 61, will retire from the bank on October 26 after spending nearly three decades at the lender.
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After taking over as the bank CEO in October 2020, Jagdishan is serving his second three-year term as the lender’s head.
The HDFC Bank board will fast-track the process for selection and appointment of Jagdishan’s successor ‘well within time’, the exchange filing said.
He conveyed his decision not to seek reappointment as the Managing Director and Chief Executive Officer and also reiterated the decision despite ‘persuasion’ from the board, it added.
“The board deeply appreciated his commitment, leadership, contribution to the growth and stability of the Bank and his role in successful completion of one of the largest mergers in corporate India,” the filing said.
