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With less than three months for HDFC Bank’s Managing Director and CEO Aditya Puri to retire, his successor, Sashidhar Jagdishan, will have adequate time to transition into his new role.
Jagdishan is currently Group Head and Change Agent, HDFC Bank. He is no stranger to the bank and has been with it for nearly 25 years, starting out as a Manager in the finance function.
According to his profile on the bank’s website, he heads the functions of Finance, Human Resources, Legal and Secretarial, Administration, Infrastructure, Corporate Communications and Corporate Social Responsibility.
“He has played a critical role in supporting the growth trajectory of the bank,” it further said.
Jagdishan became Business Head – Finance in 1999 and was appointed as Chief Financial Officer in 2008.
Last month, at the bank’s annual general meeting, Puri, who retires on October 26, had said that the bank’s new MD would likely be an internal candidate with a long career at the lender.
“My successor was always there, at least in my mind. It is now for the Reserve Bank of India to decide,” he had said.
Later in an analyst call on the bank’s first quarter earnings, Puri had once again cleared the air on succession planning and said there would be no issues.
“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 had said.
Challenges ahead
Jagdishan will be taking over at a time of increased economic uncertainty amidst the Covid-19 led crisis. The loan moratorium is set to get over at the end of the month and banks will begin to get a better picture of repayments and stressed assets.
About nine per cent of HDFC Bank’s loan book is under moratorium. It had reported a robust 19.6 per cent growth in its net profit for the first quarter of the fiscal.
It had however, noted that the continued slowdown in economic activity has led to a decrease in retail loan origination, sale of third party products, use of credit and debit cards by customers, efficiency in collection efforts and waivers of certain fees.
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