HDFC Bank Board Recommends Candidates for MD and CEO Succession

HDFC Bank’s board on Saturday approved the appointment process of the bank’s next Managing Director and Chief Executive Officer by recommending two candidates to the Reserve Bank of India (RBI) in order of preference.

The proposed appointments, including the remuneration, will be for three years and are subject to RBI approval, the bank said in a filing on the exchanges.

The move comes as HDFC Bank fast-tracks succession planning after MD & CEO Sashidhar Jagdishan decided not to seek another term and will retire on October 26. His decision followed months of uncertainty over his continuation, with ET Bureau reporting that indications of a possible shorter RBI tenure influenced his decision.

The leadership transition comes after a year marked by questions over governance and investor returns following HDFC Bank’s 2023 merger with Housing Development Finance Corp. The abrupt resignation of part-time chairman Atanu Chakraborty in March raised governance questions, while the bank’s shares have underperformed peers since the merger. External reviews later found Chakraborty’s concerns were not substantiated by the records and interviews examined.

Meanwhile, the board on Saturday also approved the reappointment of V. Srinivasa Rangan as a Whole-time Director, designated as Executive Director, for a year from November 23, 2026 to November 22, 2027.

In addition, the board approved the appointment of Jimmy Tata as a Whole-time Director, designated as Executive Director, for three years from the date of RBI approval or any other date or period specified by the central bank.

The bank will also add one more Whole-time Director position, taking the total number of Whole-time Directors on its board to four, apart from the MD & CEO.

HDFC Bank said the additional position is aimed at improving synergy and oversight, including of the bank’s subsidiaries, while creating a larger pipeline for succession planning.

The new Whole-time Director position will be filled in consultation with the incoming MD & CEO after the new chief takes charge.

The bank said the required shareholder approvals for the appointments will be sought in due course.

HDFC Bank said none of the candidates are related to each other or to any other director or Key Managerial Personnel of the bank. It also said they are not debarred from holding the office of a director under any SEBI order or any other authority.

The board approved the proposals at its meeting held on September 12, 2026. The appointments remain subject to the requisite regulatory approvals.