HDFC
RBI approves reappointment of Sashidhar Jagdishan as HDFC Bank MD & CEO for next three years
New Delhi: The Reserve Bank of India (RBI) has granted approval for the re-appointment of Sashidhar Jagdishan as the Managing Director and Chief Executive Officer of HDFC Bank, the bank informed the exchanges in a communication on September 19.
Jagdishan's re-appointment is slated for a three-year term commencing from October 27, 2023, until October 26, 2026, the bank said.
A Board of Directors meeting will be convened in due course to formalize the re-appointment.
At first, the RBI had sanctioned Jagdishan's appointment as CEO of HDFC Bank for a term of three years starting from October 27, 2020, when he succeeded Aditya Puri.
Jagdishan began his journey with the country's largest private sector bank in 1996 as a manager in the finance department.
He rose to become the business head for finance in 1999 and subsequently assumed the role of chief financial officer in 2008.
Before taking on the role of CEO, Jagdishan served as the group head of HDFC Bank.
He was responsible for overseeing various functions including finance, human resources, legal and secretarial, administration, infrastructure, corporate communications, and corporate social responsibility.
In the fiscal year 2022-2023, the seasoned banker received a yearly compensation of Rs 10.5 crore, as indicated by the bank's annual report. This marks an increase from his annual salary of Rs 6.51 crore in the fiscal year 2021-2022.
Jagdishan's package encompassed a core salary of Rs 2.82 crore, along with allowances, perquisites totaling Rs 3.3 crore, and a performance bonus of Rs 3.63 crore, among other components, according to the annual report.
In an earlier message to shareholders this year, Jagdishan addressed concerns about potential deviations from a healthy work culture, emphasizing his commitment to addressing such issues promptly.
“I am fully conscious of the fact that there may be instances where some people managers might transgress our defined way of working,” Jagdishan said in his message to shareholders on July 19.
“We have the resolve to nip this in the bud, both by way of training/counselling and appropriate action, to ensure that the same is not attempted by anyone else,” Jagdishan said.
Jagdishan, however, added that the bank has ‘some distance to traverse on this front.’
“We are taking concrete steps towards building an inclusive organisation, which will go a long way in reining in attrition in the coming years,” he added.
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