The Board of HDFC Bank has approved and forwarded the names of two candidates, in order of preference, along with their proposed remuneration, to the Reserve Bank of India (RBI) for approval for the position of Managing Director and Chief Executive Officer (MD & CEO).
The new MD & CEO will be appointed for a three-year tenure. The process comes after incumbent MD & CEO Sashidhar Jagdishan opted not to seek another term.
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.
“This is to have sharper synergy and oversight,” including over the subsidiaries of the bank as well as to have larger pipeline for succession planning,” the bank said in a filing with exchanges.
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.
