HDFC Bank may shortlist deputy MD for its top job
HDFC Bank is reportedly considering naming Kaizad Bharucha as a potential candidate for its next CEO position after current CEO Sashidhar Jagdishan retires in October. The bank is also looking for an external candidate to meet a central bank requirement mandating multiple names for the CEO role. RBI approves top banking appointments.
Bharucha, a long-serving executive overseeing both retail and wholesale businesses, is seen as an internal contender, with eligibility to become CEO due to his tenure exceeding the 15-year limit under RBI rules. Shares of HDFC Bank, which has about 40% foreign ownership, have declined by 27% this year, particularly since the resignation of Atanu Chakraborty as chairman in March.
The board had penalized Jagdishan and three others for pricing large deposits. The CEO search follows a period of leadership turmoil at the bank, with the recent penalty against Jagdishan and the unresolved governance concerns raised by the external legal review adding to investor apprehension.
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