To express its gratitude to the retired Managing Director and Chief Executive Officer of HDFC Bank, Aditya Puri, the management of the 70-year-old banker has put up a huge flyer at its headquarters in Worli, Mumbai.
On October 26, Puri is scheduled to retire and the country’s largest private lender is planning for a fitting farewell. For 25 years, Puri has held the reins of the bank and is largely credited for transforming the bank into one of the nation’s largest private-sector lenders.
Aditya Puri sold 95 percent of its equity interest months before his retirement – 74.2 lakh shares – worth Rs 842.87 crore from July 21 to 23. Puri had held 77.96 lakh shares or a 0.14 percent stake in the bank’s equity capital before this transaction. He currently has a holding of 0.01 percent or 3.76 lakh shares. Puri‘s share sale came about three months ahead of his retirement from the top job since 1994 as the managing director.
Puri gives credit for the performance of the bank to his staff, despite an impressive career in banking. He hopes that HDFC will, one day, become the world’s largest private bank.
More than 1 lakh bank workers will come together — digitally — to bid farewell to the outgoing president.
For the position of CEO, HDFC has named Sashidhar Jagdishan, one of the top two internal candidates. From October 27, he will assume his position, leaving behind the prized position of Additional Director and Head of Finance and HR at the bank.
Puri, meanwhile, is expected to take a position on the board of an international bank or a major Indian corporation. He was also willing to accept a top position at a private equity group, he told Business Today.
Sashidhar Jagdishan is currently HDFC Bank’s Additional President, and Head of Finance, HR.
Jagdishan was the top choice for the bank among 3 candidates who were shortlisted. The bank had suggested the names for the post of Shashidhar Jagdishan, Kaizad Bharucha, and Sunil Garg.
Jagdishan joined the bank in the year 1996 as a Manager in the Finance function. He became Business Head- Finance in 1999 and was appointed as Chief Financial Officer in the year 2008.
He has played a critical role in supporting the growth trajectory of the Bank. He has led the finance function and played a pivotal role in aligning the organization in achieving the strategic objectives over the years.
As its first employee, Puri joined the bank and has since been instrumental in making it one of the biggest banks from scratch. Today, the third most valuable business in India after Reliance Industries and TCS, HDFC Bank is valuable at Rs 5.5 lakh crore.