HDFC Bank MD & CEO Sashidhar Jagdishan has decided not to seek reappointment when his current term ends on October 26.
- He had assumed the role on October 27, 2020, succeeding the long-serving founder-CEO Aditya Puri.
- It was always doubtful whether he will be able to fill in the tall shoes of Mr Puri.
- The bank during his tenure has been a subject of various controversies including technical glitches, regulatory enquiries, restrictions as well as sudden resignation of the Chairman Atanu Chakraborty.
- Not that everything can be attributed to him especially given that he was also entrusted with executing the mega merger of HDFC Limited with the bank.
- The board has announced that it will fast-track the process to select and appoint his successor.
- Whether the candidate would be internal or external is not clear as of now. Various names are being speculated including Kaizad Bharucha (currently DMD in the bank) and Sunil Garg (CEO, Citi Commercial Bank).
Market may actually take this development positively hoping the change is for better.