Leadership Shuffle Hits Private Banks, HDFC Bank And Ujjivan SFB Begin Hunt For New CEOs

In a significant leadership reshuffle, India's private banking sector is undergoing changes, with HDFC Bank and Ujjivan Small Finance Bank leading the way in their search for new managing directors and CEOs. Kotak Mahindra Bank and Fino Payments Bank are also reportedly in advanced stages of their succession processes, signaling a wave of leadership transitions in the private banking landscape.

HDFC Bank, a major player in the sector, is intensifying its CEO search after MD and CEO Sashidhar Jagdishan declined to seek reappointment upon the expiration of his term on October 26. Jagdishan, with nearly three decades of experience at HDFC Bank, has navigated the lender through various challenges. The bank's board has announced a fast-tracked process to select his successor, following the resignation of non-executive chairman Atanu Chakraborty in March.

Ujjivan Small Finance Bank is also embarking on a search for a new chief executive after MD and CEO Sanjeev Nautiyal decided to retire early. Nautiyal, who joined the bank as deputy managing director at SBI in July 2024 for a three-year term, took charge of Ujjivan SFB. The bank is currently led by Carol Furtado on an interim basis.

Meanwhile, Kotak Mahindra Bank is reportedly considering internal candidates for its CEO position, following MD and CEO Ashok Vaswani's decision not to extend his tenure beyond December 31, 2026. Fino Payments Bank is also seeking a new CEO after Rishi Gupta's arrest in February on allegations of GST law violations. CFO Ketan Merchant was subsequently appointed as interim CEO, with his tenure extended by three months under the usual RBI approval process.