The new Managing Director and CEO of HDFC Bank

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“We wish to inform that the Reserve Bank of India has approved the appointment of Sashidhar Jagdishan as managing director and CEO of the bank for a period of three years,” said the bank in an exchange filing and also stated that the board will meet to approve the appointment.

Jagdishan will take over from Aditya Puri as MD and CEO on October 27. He is currently working with HDFC as ‘Change Agent’ and head of finance. 

Jagdishan holds a Masters Degree in Economics of Money, Banking and Finance from the University of Sheffield, UK and is a Chartered Accountant. He has been working with the HDFC bank since 1996 and hence holds a good experience of 24 years with the said bank. Joined the bank as a manager in finance function, Sashidhar became the Business head-Finance in 1999. He got appointed as the Chief Financial Officer in 2008.

He had also worked for around 6 years as a Senior Officer in Country Financial Control Division of Deutsche Bank, AG, Mumbai before joining HDFC in 1996.

“He has played a critical role in supporting the growth trajectory of the bank. He has led the finance function and played a pivotal role in aligning the organisation in achieving the strategic objectives over the years,” said the HDFC bank’s website.

HDFC stock rose 5% immediately after the decision ending up at Rs 1040.20, up 3.8% on the BSE Tuesday.

“In an uncertain environment like this, we believe an internal candidate who is in sync with the outgoing CEO Puri is the right choice. Sashi comes with a very diverse experience having handled multiple functions in the bank and hence we believe he is the appropriate choice,” said Suresh Ganapathy of Macquarie.

“Sashidhar was the unanimous choice of both HDFC and HDFC Bank, as well as of the selection committee, there is no doubt in that,” said the HDFC Ltd’s CEO Keki Mistry.

 

 

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