HDFC Bank has received approval from the Reserve Bank of India (RBI) for the re-appointment of Sashidhar Jagdishan as the Managing Director and Chief Executive Officer (CEO) of the bank. The announcement was made in a communication to the exchanges on September 19.
Sashidhar Jagdishan’s re-appointment is slated for a three-year term, effective from October 27, 2023, to October 26, 2026. The bank has disclosed that a board meeting will be convened in due course to formalize this re-appointment.
Notably, the RBI initially approved Jagdishan’s appointment as CEO of HDFC Bank for a three-year tenure starting on October 27, 2020, succeeding Aditya Puri.
Jagdishan’s association with HDFC Bank dates back to 1996 when he joined the bank as a manager in the finance department. Over the years, he ascended within the organization, serving as the business head of finance in 1999 and subsequently assuming the role of chief financial officer in 2008.
Before taking on the mantle of CEO, Jagdishan held the position of group head at HDFC Bank, overseeing critical functions such as finance, human resources, legal and secretarial, administration, infrastructure, corporate communications, and corporate social responsibility.
In the financial year 2022-2023, Jagdishan received an annual package amounting to Rs 10.5 crore, according to the bank’s annual report. His compensation package encompassed a basic salary of Rs 2.82 crore, along with allowances, perquisites, and a performance bonus of Rs 3.63 crore, among other components.
In a message to shareholders earlier this year, Jagdishan emphasized the importance of maintaining a strong work culture and addressing any deviations from it. He expressed awareness of occasional instances where managerial employees might not adhere to the established norms and stressed the bank’s commitment to addressing such issues through training, counseling, and appropriate actions.
While acknowledging that there was work to be done in this regard, Jagdishan emphasized the bank’s dedication to building an inclusive organization and reducing attrition in the coming years.
Sashidhar Jagdishan’s re-appointment reaffirms his continued leadership at HDFC Bank as it navigates the evolving financial landscape in India.
Sources By Agencies