Money & Banking

Next MD and CEO of HDFC Bank likely to be an internal candidate

Our Bureau Mumbai | Updated on July 19, 2020

 

The next Managing Director and CEO of the country’s largest private sector lender, HDFC Bank, is likely to be an internal candidate.

This could possibly be long-time veterans Kaizad Bharucha, Executive Director, HDFC Bank and a member of its Credit Approval Committee or Sashidhar Jagdishan, Group head and change agent at the private sector lender.

The bank’s current MD and CEO, Aditya Puri, who retires in October cleared the air on succession plans on Saturday and said that his successor has been with the private sector lender for the last 25 years.

“My successor was always there, at least in my mind. It is now for the Reserve Bank of India to decide,” he said at the annual general meeting of the bank.

 

At an analyst call on the bank’s first quarter earnings, Puri underlined that the possible successors have been with the lender for a long time.

“The main successors, irrespective of where the RBI finger points, have been with me, they understand the business, they have been part of the transformation, they were part of the training…there is no issue on who is the successor,” he said.

The bank had in April this year announced that its board had finalised a list of three candidates for the post of MD and CEO and it would be submitted to the RBI in order for preference to make the final decision.

Bharucha and Jagdishan are understood to be the two internal candidates the board had recommended.

Jagdishan joined the bank in 1996 as a Manager in the Finance function and Bharucha has been with the lender since 1995.

Published on July 19, 2020

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