Shares of HDFC Bank jumped 5 per cent after the search for the new head of the lender came to an end and the Reserve Bank of India (RBI) also approved his name.
HDFC Bank in a regulatory filing said the RBI has approved the appointment of Sashidhar Jagdishan as HDFC Bank CEO for a tenure of three years starting October 27. A board meeting will also be convened in due course to approve his appointment. Jagdishan will succeed fabled banker Aditya Puri.
Shares of the private sector bank were trading at Rs 1,047.20, up 4.52 per cent on BSE.
Sashidhar Jagdishan is currently Group Head & Change Agent of the bank. Jagdishan heads the functions of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications and Corporate Social Responsibility.
He joined the bank in 1996 as a Manager in the Finance function. He became Business Head- Finance in 1999 and was appointed as Chief Financial Officer in the year 2008.
“He has played a critical role in supporting the growth trajectory of the Bank. He has led the finance function and played a pivotal role in aligning the organization in achieving the strategic objectives over the years,” the bank writes in his profile section.
Jagdishan has an overall experience of 29 years. He has completed his graduation in Science with specialization in Physics, a Chartered Accountant by profession and also holds a Master’s degree in Economics of Money, Banking & Finance.
HDFC Bank had constituted a search panel to find the successor to Aditya Puri who is scheduled to retire on October 26, 2020. HDFC Bank executives Sashidhar Jagdishan, Kaizad Bharucha and Citibank’s Sunil Garg were believed to be in the race for the top post.
