“At its meeting held today, the Board of Directors took note of Mr. Sashidhar Jagdishan’s communication to not seek reappointment. Despite persuasion, Mr. 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,” the lender informed in a stock exchange filing.
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Following Jagdishan’s decision to retire, the private lender said its board will fast-track the selection and appointment of his successor well within time.
HDFC has faced investor scrutiny since mid-March when its former chairman Atanu Chakraborty resigned abruptly saying practices at the bank were not in line with his “personal ethics”. An external legal review completed last month found no evidence to substantiate the governance concerns he raised.
Leadership continuity assumes particular importance at large private sector banks because, unlike state-owned lenders where the government is the controlling shareholder and appoints top executives, private banks are widely held by institutions where the board and RBI play central roles in ensuring an orderly succession.
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