Jagdishan’s current term ends on October 26. He had informed the board last month that he would not seek another term despite persuasion from the board, prompting the lender to fast-track the process of identifying his successor.
Alongside the CEO selection, HDFC Bank also moved to strengthen its board-level executive bench. The board approved the reappointment of V Srinivasa Rangan as a whole-time director, designated as executive director, for one year from November 23, 2026 to November 22, 2027, subject to RBI approval.
It also approved the appointment of Jimmy Tata as a whole-time director, designated as executive director, for three years from the date of RBI approval. Tata is currently chief credit officer of the bank.
The bank further decided to create one additional whole-time director position, which will increase the number of whole-time directors on its board to four, apart from the MD & CEO.
HDFC Bank said the additional position would provide “sharper synergy and oversight”, including over its subsidiaries, while creating a larger pipeline for succession planning. The fourth whole-time director will be selected in consultation with the new MD & CEO after the incoming chief takes charge.
The moves point to a broader strengthening of HDFC Bank’s senior leadership bench at a time when it is undergoing its most significant top-management transition in several years.
Necessary shareholder approvals will be sought in due course, the bank said.
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