New Delhi, Aug 31 (IANS) HDFC Bank's deputy managing director Kaizad Bharucha may be the leading contender to succeed Sashidhar Jagdishan as Managing Director and Chief Executive Officer (CEO) after the incumbent decided against seeking another term, according to a report.
NDTV Profit -- citing sources -- reported that with Jagdishan's current term set to end in October, Bharucha could be placed at the top of the list of candidates that the country's largest private sector lender may submit to the Reserve Bank of India for approval.
The RBI requires private sector banks to submit two to three potential candidates for the CEO post, in order of preference for regulatory consideration.
In addition, Bharucha has served as HDFC Bank's deputy managing director and has been on the bank's board since June 2014.
However, his potential tenure as CEO could be limited by regulatory rules governing the tenure of whole-time directors.
Bharucha is legally eligible for the position, but would face a regulatory cap limiting a whole-time director's continuous service to 15 years, the report said.
Having joined the board in June 2014, Bharucha would reach that ceiling in June 2029 potentially leaving less than three years for a CEO term beginning in October 2026, unless the RBI grants a special extension, it added.
However, the report also highlighted other names that HDFC Bank could consider.
Following Aditya Puri's retirement as HDFC Bank CEO in 2020, Jagdishan had emerged as the leading candidate for the post, the report said.
Under RBI norms, the bank's Nomination and Remuneration Committee begins the succession process at least six months before the incumbent's term ends and is required to consider both internal and external candidates.
--IANS
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