HDFC Bank seeks headhunter as Sashidhar Jagdishan steps down
Business
HDFC Bank needs a new CEO fast. Sashidhar Jagdishan is stepping down on October 26, ending months of rumors about his future.
The bank is in talks with headhunting firms like Egon Zehnder and is seeking to appoint a search firm quickly.
Kaizad Bharucha CEO pick, term limited
Kaizad Bharucha, currently deputy managing director, is the top pick for CEO.
But if he gets the job, central bank rules mean he can't serve a full term (less than three years).
This leadership shake-up comes as HDFC Bank's shares have dropped 28% this year (compared to just 4% for the Nifty Bank Index) and follows this year's chairman exit in March over now-dismissed ethical concerns.
Whoever takes over will need regulatory approval before starting.