HDFC Bank has short-listed 3 senior bankers to be considered for selection as CEO of the bank, after the retirement of Aditya Puri later this year. Unconfirmed reports suggested that Sashidhar Jagdishan and Kaizad Bharucha, both EDs of the bank, and Sunil Garg, global CEO of Citi Commercial Bank are the 3 bankers figuring in the list. The bank has undertaken the process of succession with the help of global executive search firm Egon Sehnder. Meanwhile, in a major decision related to the succession, the Reserve Bank of India directed HDFC Bank to not to make any new appointments to the board of the bank until a decision is taken in the new CEO. The bank had earlier, in November 2019, informed the RBI about the appointment of Sashidhar Jagdishan and Bhavesh Zaveri as additional director and executive director (whole-time director) respectively, subject to the RBI and shareholders’ approval. RBI told the bank to submit the proposal after a new MD and CEO assumes charge later this year. The bank said in conformity with the RBI directive, Jagdishan and Zaveri would continue as additional directors on the board till the ensuing AGM of the bank.
