MUMBAI : With the Reserve Bank of India (RBI) clearing the appointment of Sashidhar Jagdishan as the next chief executive of HDFC Bank, a long wait for Aditya Puri’s successor comes to an end.
Sashi, as he is popularly known within the bank, joined in 1996 as a manager in the finance division and went on to become the business head for finance head in 1999. Growing further in his career, he was appointed the chief financial officer at India’s largest private sector lender in 2008.
At the bank’s annual general meeting (AGM) last month, Puri had said that his potential successor has been with the bank for 25 years. Interestingly, both Jagdishan and executive director Kaizad Bharucha have been with the bank for close to 25 years, having joined in February 1996 and October 1995, respectively.
A science graduate, with specialisation in Physics, Jagdishan is a chartered accountant by profession and also holds a master’s degree in economics of money, banking and finance. According to HDFC Bank, he has played a critical role in supporting the growth trajectory of the bank. At present he heads finance, human resources, legal and secretarial, administration, infrastructure, corporate communications and corporate social responsibility.
He has has an overall experience of 29 years and was with Deutsche Bank prior to his stint at HDFC Bank.
His current designation is group head and change agent of the bank. Aditya Puri on 18 July told analysts
that the bank appointed a change agent as most changes fail because there is not enough monitoring and commitment.
In April this year RBI had advised the bank to wait for the new managing director to take over before submitting proposals for two key board appointments. In November last year, the bank had initiated the appointment of Jagdishan and Bhavesh Zaveri as additional directors and executive directors of the bank, subject to RBI and shareholder approval.
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