HDFC Bank's next CEO: Deputy MD Kaizad Bharucha in focus after Jagdishan opts out

Months after HDFC Bank's then part-time chairman Atanu Chakraborty resigned, citing differences over ethics and values, all eyes are on the management once again after Sashidhar Jagdishan, the managing director and CEO of the country’s largest private sector lender, decided not to seek reappointment.

More than why, the question is who will take the hot seat in the corner office, at a time when the lender has been under scanner for multiple reasons over the last few months.

Also importantly, Jagdishan's decision comes less than two months before his second term would have ended, and therefore, the lender must now act swiftly to find a replacement.

Must Read: HDFC Bank leadership shake-up: CEO Sashidhar Jagdishan to retire on Oct 26, will not seek reappointment

Jagdishan’s tenure at HDFC Bank spanned over three decades. He started off as a manager in the finance department in 1996 and took over as MD and CEO in 2020, succeeding Aditya Puri, HDFC Bank's long-serving chief. Jagdishan was reappointed as the MD and CEO in 2023.

Over the last few months, the lender has been under intense scanner around corporate governance issues. It all began with the sudden resignation of part-time chairman Chakraborty. Issues were also raised around mis-selling at its branch in the Dubai International Financial Centre, for which the lender sacked a few employees.

Jagdishan, its CFO Srinivasan Vaidyanathan, and group head (retail assets) Arvind Vohra were fined Rs 1 lakh in another matter where HDFC Bank was alleged to have camouflaged crores as marketing spend to pay higher interest to Maharashtra State Road Development Corporation.

There had been indications earlier that Jagdishan may be willing to be reappointed should the board decide so.

Kaizad Bharucha, the bank’s Deputy Managing Director, said in April, following the lender's earnings announcement for the January-March quarter, that the board was "seized up" of the matter.

Jagdishan conveyed to the board on Saturday that he would not be seeking reappointment.

"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 October 26, 2026," HDFC Bank said.

Jagdishan's decision to leave brings the spotlight on Bharucha himself as a potential candidate for the top job. He, however, hasn't commented on the contenders.

The 60-year-old has been with HDFC Bank since October 1995 and has been the longest-serving executive board member, joining the board in 2014. He has been the deputy MD since April 2023.

According to HDFC Bank, he has been an integral part of the bank since its inception in 1995.

"Among his several contributions in building the bank, he has played a key role in building the credit and risk frameworks that underpin the bank’s operations. These frameworks have supported the bank’s consistent growth, safeguarding its ability to navigate volatile economic conditions effectively," the lender states on its website.

The board has said it will "fast-track the process for selection and appointment of his successor well within time." However, any new appointment will have to be approved by the Reserve Bank of India. There have been cases in the past involving a few other banks where the regulator rejected the proposed candidates, and therefore, the lenders had to go back to the drawing board.

The Reserve Bank will typically seek a few names as potential candidates for the top job. An internal candidate like Bharucha could mean continuity of the process that the lender has followed over the years.

However, HDFC Bank has also seen several senior executives leave over the last few years. For instance, Bhavesh Zaveri retired as the executive director in April 2026. Rahul Shyam Shukla, another senior executive, resigned in October 2025 for personal reasons. and its chief human resources officer, Vinay Razdan, left in June 2025.

In this backdrop, the lender may also explore potential candidates from outside the bank. People in senior management positions at other local as well as international banks may be looked at for the top jobs.

But, with under two months left before Jagdishan’s term ends, HDFC Bank doesn’t have much time on hand and may well have to look at some interim arrangement before the regulator approves a permanent appointment.

After Chakraborty abruptly resigned earlier this year, HDFC Bank appointed veteran banker Keki Mistry as the interim chairman. The bank later appointed former IAS officer and ex-chief election commissioner Rajiv Kumar as the new part-time chairman in June.