India's largest private lender HDFC Bank (HDBK.NS) said on Saturday that its Chief Executive Sashidhar Jagdishan has decided not to seek reappointment when his term ends at the end of October.
Jagdishan had been expected to seek a third term, but the abrupt exit of a former chairman raised investor concerns about HDFC Bank, even though an external review concluded in June that there was no evidence to substantiate the governance issues the former chairman raised.
In July, the bank's board penalised three top executives including Jagdishan after judging that employees involved in setting deposit rates for a state agency had engaged in "business overreach".
"Mr. Jagdishan reiterated his decision to not seek reappointment. Accordingly, he shall retire from the services of the Bank upon the close of business hours on October 26, 2026," the bank said in a statement to exchanges on Saturday.
The bank's board said it will fast-track the process for appointing Jagdishan's successor.
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