HDFC Bank Submits Two Candidates to RBI for Next CEO
The board forwarded two candidates and proposed pay to the Reserve Bank of India as it fast-tracks succession for a three-year chief executive term.
- On Saturday, the HDFC Bank board submitted two candidates to the Reserve Bank of India for Managing Director and Chief Executive Officer, formally initiating the succession process for CEO Sashidhar Jagdishan, who is retiring later this year.
- Jagdishan's six-year tenure ends on October 26, after he declined to seek a third term following months of uncertainty regarding his continuation.
- The board also strengthened its leadership, reappointing Srinivasa Rangan as Executive Director for one year and appointing Chief Credit Officer Jimmy Tata as Whole-time Director for three years, pending Reserve Bank approval.
- Creating an additional Whole-time Director position, the bank intends to increase oversight, including over subsidiaries, and maintain a larger pipeline for succession planning, the bank said.
- While the bank did not disclose the two candidates, insiders suggest Deputy Managing Director Kaizad Bharucha and Jimmy Tata are likely nominees; Indian banking rules require prior Reserve Bank approval for all executive appointments.
14 Articles
14 Articles
India's HDFC Bank submits two candidates to RBI for next CEO
HDFC Bank Appoints Jimmy Tata as Director; Board Sends MD and CEO Names to RBI
HDFC Bank’s board has approved the appointment of Jimmy Tata as a Whole-time Director, designated as Executive Director, for three years, subject to RBI approval. The board has also approved two preferred candidates for MD and CEO and submitted their names to the RBI. Tata, a veteran banker with over 35 years of experience, currently serves as Chief Credit Officer. HDFC Bank Appoints Jimmy Tata as Director; Board Sends MD and CEO Names to RBI.
HDFC Bank proposes two candidates for MD, CEO post; appoints Jimmy Tata as Executive Director
HDFC Bank’s board has approved the submission of two candidates, in order of preference, for appointment as the bank’s Managing Director and Chief Executive Officer for a three-year term, with the proposal now pending approval from the Reserve Bank of India, the bank said in an exchange filing on Saturday.
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