Industry Odisha Bureau, Aug 31: HDFC Bank’s incumbent Chief Executive Officer (CEO) Sashidhar Jagdishan has reportedly decided not to seek reappointment as he is going to step down on October 26, 2026.
Media reports have stated that, “Jagdishan took over as Chief Executive Officer (CEO) and Managing Director (MD) in October 2020, succeeding Aditya Puri. While his first term was marked by the landmark merger with HDFC Ltd, the second term saw a slate of negative news, including alleged mis-selling of AT-1 bonds, preferential deposit pricing for a government company, and the abrupt exit of its part-time chairman Atanu Chakraborty.”
Media reports added, “Incumbent CEO Sashidhar Jagdishan’s such a decision comes after the abrupt resignation of Atanu Chakraborty as the bank’s part-time chairman, which raised concerns about the bank’s internal governance. Jagdishan’s impending departure has led to a formal leadership search at the HDFC Bank (dubbed to be India’s largest private bank). The Bank Board has fast-tracked the due process for selecting new CEO. The new CEO will inherit the challenges of leadership continuity, staff retention and execution after the merger with HDFC Ltd.”
Media reports also stated that, “The Board of Directors took note of Sashidhar Jagdishan’s communication to not seek reappointment at its meeting on August 29. Despite persuasion, Jagdishan reiterated his stand not to seek reappointment.”
Also need to mention here media reports that, “HDFC Bank’s part-time chairman-cum-independent director Atanu Chakraborty has earlier resigned in March 2026 clearly outlined the reason in his letter that certain happenings and practices within the bank that he had observed over the last years were not in congruence with his personal values and ethics. However, the HDFC Bank’s independent legal review initiated into Chakraborty’s allegations found no evidence to substantiate the concerns or implications contained in Chakraborty’s statement.”
Media reports, citing HDFC Board’s sources, have also stated that, “The bank had informed stock exchanges on March 24, 2026, that it was commissioning an external legal review to examine whether any concerns highlighted by Chakraborty were evident in the bank’s records, whether he had formally recorded any dissent during his tenure, and whether such concerns had been addressed. The external legal review was conducted by international law firm Wilson Sonsini Goodrich & Rosati, PC and Indian law firm Wadia Ghandy & Co over a period of three months.”
