Kotak Mahindra Bank on Tuesday, October 27, lauded larger rival HDFC Bank's former Managing Director (MD) and Chief Executive Officer (CEO), Aditya Puri, for his "stellar contribution to Indian banking", and wished Sashidhar Jagdishan, who took charge of the bank, for his "new innings."
"Kudos! Aditya Puri for your stellar contribution to #Indianbanking. Best wishes Sashidhar Jagdishan for your new innings," Kotak Mahindra Bank tweeted from its official handle.
Puri, who led HDFC Bank since its inception over 25 years ago, retired on Monday, October 26, after an illustrious career at the institution's helm. Under his astute leadership, the bank catapulted into one of the biggest private-sector lenders in India.
Puri's legacy is outstanding. The organisation he has structured over the years has not only grown leaps and bounds but has also established an image of a bank that consistently delivers, as is reflected in the lender's share price that had made numerous investors millionaires.
The bank's stock saw an over 300-fold jump during Puri's 25-year stint, emerging as India's largest private sector lender by market capitalisation.
Known to be a hands-on boss, he was the longest-serving head of any private bank in the country. Puri was also reported to be the most highly paid CEO of any Indian bank with a monthly salary of Rs 89 lakh.
Jagdishan, who took over as the bank's MD and CEO on October 27, will have a tall order to match up to with everyone wondering if the good run will continue.
A seasoned finance executive, Jagdishan served as HDFC Bank's Additional Director and Head of Finance and HR and was among the top two internal candidates for the top job at the organisation. Kaizad Barucha, who has the highest board experience, was the senior-most candidate in the fray.