HDFC's CEO search may go beyond its inner circle

Mumbai: HDFC Bank's board and nomination and remuneration committee (NRC) confront a challenging choice in selecting a successor to departing chief executive Sashidhar Jagdishan, 61, due to a limited pool of internal talent. According to sources, the board plans to engage a global executive search firm, with Egon Zehnder, Spencer Stuart, and Korn Ferry among the contenders.

Deputy managing director Kaizad Bharucha is likely to be a key contender, given his extensive tenure with the bank, though regulatory constraints limit his potential tenure as CEO. Analysts emphasize the need for a broader search beyond the inner circle, exploring candidates from other private banks, large NBFCs, and foreign banks.

This move could address leadership uncertainty and provide a fresh perspective as HDFC Bank navigates recent governance concerns and aims for a reset following a record $1.75 billion bond issue.