- HDFC Bank considers Kaizad Bharucha and Jimmy Tata as next CEO candidates
- Internal and external candidates may be reviewed by the bank’s NRC and board
- Kaizad Bharucha may need RBI dispensation due to 15-year director tenure limit
HDFC Bank Ltd. is considering Kaizad Bharucha and Jimmy Tata as two internal candidates for the role of the next CEO, two sources in the know shared with NDTV Profit on Sunday. They added external candidates can also be considered by the bank's NRC & board.
"HDFC Bank may have communicated the 2 internal candidates' names for CEO to the Reserve Bank of India," the sources informed on the condition of anonymity. HDFC Bank did not offer a comment on NDTV Profit's query.
Kaizad Bharucha has been serving on the board of the bank for 12 years and may need special dispensation from the bank regulator for the top job at HDFC Bank. RBI's rules cap a director's position on a bank for a maximum of 15 years.
ALSO READ: HDFC Bank CEO Exit: Will The Stock See A Knee-Jerk Fall On Monday? — Analysts Weigh In
Jimmy Tata has recently received an extension to his tenure at the bank as the chief credit officer. Jimmy has been associated with HDFC Bank since 1994 in different capacities.
The bank's board fast-tracked the CEO candidature process after current Managing Director and CEO Sashidhar Jagdishan decided not to seek reappointment. Sashidhar will step down from his position on October 26, 2026, the lender informed the exchanges on Aug 29.
"Sashidhar Jagdishan has conveyed today, his decision to not seek his re-appointment as the Managing Director & Chief Executive Officer (MD&CEO) of the Bank," according to an exchange filing on Saturday.
It added that despite persuasion, Jagdishan reiterated his decision to not seek reappointment and accordingly, he will retire from the services of the Bank upon the close of business hours on October 26, 2026.
ALSO READ: 'Best Time To Resign': Sashidhar Jagdishan Explains HDFC Bank Exit To NDTV Profit
He was appointed as the CEO of the bank in October 2020 and is currently serving his second three-year term as the lender's head. Jagdishan took over as the CEO from Aditya Puri, who had led the bank since its founding in 1995.
Jagdishan's reappointment has been a subject of intense speculation, especially after the unexpected resignation of non-executive chairman Atanu Chakraborty in March this year, citing ethical and governance concerns at the lender.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.