- The Reserve Bank of India ( RBI) has approved Sashidhar Jagdishan ‘s name for the post of New HDFC Bank chief executive officer (CEO)
The Reserve Bank of India ( RBI) has approved Sashidhar Jagdishan ‘s name for the post of New HDFC Bank chief executive officer (CEO)
Last night, HDFC Bank received a letter of approval from RBI for the CEO.
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.
Till around August 2018, it was widely believed that Paresh Sukthankar, then deputy managing director of the bank, would succeed Puri. Sukthankar’s sudden exit from the bank, however, left the succession question open-ended.
He oversees the Accounting, Human Resources, Legal & Secretarial, Administration, Technology, Corporate Relations, and Corporate Social Responsibility roles.
Sashi has a total of 29 years of experience. He completed his Science degree with a specialization in Physics, a certified Chartered Accountant, and also holds a Master’s degree in Money, Banking & Finance Economics.
HDFC Bank had set up a search panel to find Aditya Puri ‘s successor who is expected to retire on October 26, 2020. Executives of HDFC Bank Sashidhar Jagdishan, Kaizad Bharucha, and Sunil Garg, of Citibank, were believed to be in the top post-race.
Shares of HDFC Bank NSE 4.47 percent jumped 5 percent after reports said the lender’s hunt for the new head ended and Reserve Bank of India ( RBI) also endorsed his name.
HDFC Bank Managing Director 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 0.14 percent stake in the bank’s equity capital before this transaction.
For FY 2019-20, Puri was the highest-paying banker among top bankers. His salary and prerequisites were up 38 percent from the previous year to Rs 18.92 crore.