The board of HDFC Bank has approved the appointment of Sashidhar Jagdishan as the new Managing Director and Chief Executive Officer on Saturday. He has been appointed for a term of three years, with effect from October 27, 2020. The Reserve Bank of India had consented to Jagdishan's appointed back on August 3, 2020.
"The above appointment shall be placed before the shareholders of the Bank for their approval, by way of postal ballot (through remote e-voting) in accordance with the relevant MCA circulars," HDFC bank said in a filing to the exchanges.
Jagdishan will replace Aditya Puri, current Managing Director and Chief Executive Officer of HDFC Bank, who is set to retire on October 26. Known as the "dark horse", Jagdishan joined HDFC Bank in 1996 and rose through the ranks to become Head of Finance and HR at the company. Currently, he is the Group Head of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications, Corporate Social Responsibility and Strategic Change Agent of HDFC Bank.
Jagdishan has seen a consistent and sharp rise in the ranks since he joined the bank in the year 1996 as a Manager in the finance department. In 1999, he was appointed Business Head of Finance. Jagdishan was then appointed as Chief Financial Officer in 2008.
Before he joined HDFC Bank, Jagdishan served as a Senior Officer in the Country Financial Control Division of Deutsche Bank. He is a Science graduate with specialisation in Physics from University of Mumbai. He has a degree in Chartered Accountancy as well. Jagdishan has a Master's degree in Economics of Money, Banking & Finance from the University of Sheffield, UK.
As the new CEO, Jagdishan's job would be cut out for him. He would have the crucial responsibility of steering the bank through the challenges of a post-COVID world where growth is shrinking, incomes are falling and competition is increasing.