The Board of HDFC Bank has approved and forwarded the names of two candidates to the Reserve Bank of India (RBI) for approval for the position of Managing Director and Chief Executive Officer (MD & CEO).
Recently, HDFC Bank’s managing director and chief executive officer Sashidhar Jagdishan opted out of being considered for reappointment after his current term ends on October 26.
The new MD & CEO will be appointed for a three-year tenure. Kaizad M. Bharucha, the bank’s current Deputy Managing Director, is believed to be among the names recommended by the board.
The board also approved the reappointment of V. Srinivasa Rangan as a Whole-time Director, designated as Executive Director, for a one-year term from November 23, 2026, to November 22, 2027. His remuneration was also approved.
In addition, Jimmy Tata has been appointed as a Whole-time Director, designated as Executive Director, for a three-year period, effective from the date of RBI approval or such other date or period as may be specified by the central bank. His remuneration was also approved.
Board to have four Whole-time directors
The HDFC Bank Board further approved the creation of an additional Whole-time Director position, taking the total number of Whole-time Directors on the Board to four, apart from the MD & CEO.
The newly created position will be filled in consultation with the incoming MD & CEO after the new chief executive takes charge. HDFC Bank said the necessary shareholder approvals will be sought in due course.
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