HDFC, the country’s largest private sector lender, on Saturday said its Chief Executive Officer (CEO) and Managing Director (MD) Shashidhar Jagadeesan have decided not to seek re-appointment after their tenure.
HDFC said in a stock exchange filing that 61-year-old Jagadeesan will retire on October 26, 2026, after spending almost three decades in the bank.
The bank said he has recused himself from being considered for re-appointment after the end of his current term.
The company said that the bank’s board will expeditiously complete the selection and appointment process of the successor to Managing Director and CEO Shashidhar Jagadeesan.
The bank said Jagadeesan conveyed his decision not to seek re-appointment as MD and CEO and stuck to his decision despite “persuasion” from the board.
The bank said he is retiring on October 26, 2026. Shashidhar Jagadeesan took over as the Managing Director and CEO of HDFC Bank on October 27, 2020, replacing Aditya Puri. The Board wished Jagadishan all the best for his future endeavours.