Sashidhar Jagdishan's appointment is for a period of 3 years beginning October 27 and is subject to the approval of the bank's board and shareholders
Guwahati: The Reserve Bank of India (RBI) on Tuesday gave the nod for Sashidhar Jagdishan to be appointed as the next managing director and CEO of HDFC Bank.
Jagdishan will replace current chief Aditya Puri, who led the bank since inception, as he retires on October 26, this year.
“The appointment is for a period of 3 years beginning October 27, 2020, and is subject to the approval of the Bank’s board and shareholders,” said a release by HDFC Bank.
Shyamala Gopinath, Chairperson, HDFC Bank Limited said, “Sashi brings to the table a rare combination of IQ and EQ. Given his understanding of the business, coupled with a strong people connect, we’re confident that he’ll take the bank to the next level.”
Puri, the outgoing MD & CEO, said, “I congratulate Sashi on his appointment. He understands the bank’s ethos, culture which has made it what it is. Given our inherent strengths and now Sashi’s leadership, I believe that the best of the bank is yet to come.”
Jagdishan a physics graduate from Mumbai University, joined HDFC in 1996 and has played a critical role in its growth ever since. Of his overall 30 years experience, he spent 24 in HDFC Bank.
On the new role, Jagdishan said that he is humbled by it. “I fully recognise that Mr Puri’s are huge shoes to fill. But I’m confident that with the support of my colleagues, the board, other stakeholders, and indeed God’s grace, I’ll be able to live up to the faith that Mr Puri, the Board, and the regulator have reposed in me. I’ll leave no stone unturned to carry forward the rich legacy.”
The to be MD and CEO of HDFC Bank associated with the bank in 1996 and since then, he has donned many different hats. Starting as a manager in the Finance department, in 1999, he became Business Head - Finance and in 2008, the Chief
Financial Officer of the bank. In 2019, he was appointed the “Change Agent of the Bank’ and given additional responsibilities of Legal & Secretarial, Human Resource, Corporate Communication, Infrastructure & Administration, and CSR.