HDFC Bank's Aditya Puri believes Sashidhar Jagdishan is the 'worthiest person' to succeed him

HDFC Bank CEO and MD Aditya Puri will retire in OctoberBCCL
  • CEO and MD of HDFC Bank Aditya Puri told employees that the bank’s next CEO, Sashidhar Jagdishan, is the ‘worthiest person to pass the baton onto’.
  • Puri will be retiring from his post in October, and Jagdishan will take up the role of managing director.
  • Puri has been with HDFC Bank since its inception 26 years ago and is currently the highest-paid banker in India drawing a gross salary of ₹18.92 crore per year.
India’s largest private sector bank is gearing up for a change in leadership, and its outgoing CEO and MD, Aditya Puri, believes the ‘worthiest person’ to succeed him will be Sashidhar Jagdishan.

“I wouldn’t go into the qualities he possesses because most of us would know that. Suffice to say that in him you have the best person to lead, and I have the worthiest person to hand over the baton to,” Puri said in an email to employees.

Puri has been at the helm of HDFC Bank since its inception in India 26 years ago. Starting October 27, when Puri turns 70, the reins will be handed over to Jagdishan, who will take over the post of managing director.

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Jagdishan has been working at HDFC Bank since 1996 when he joined as the manager. He was one of three candidates shortlisted for Puri’s post. “I’ve always maintained our best is yet to come, and with Sashi now at the helm, I have no doubt that our best will come,” said Puri.

Aditya Puri leaves as the highest-paid banker in India
“From my first office with broken chairs to now, what we've achieved in this time is incredible and doesn't have too many parallels globally," reflected Puri. Under his leadership, HDFC Bank’s net profit has grown by ₹80 lakh in 1994-95 to ₹26,257 crore in 2019-20.

Puri is currently the highest-paid banker in the country with a yearly salary of ₹18.92 crore. In comparison, ICICI Bank MD and CEO Sandeep Bakshi earns less than half that amount at ₹6.31 crore.

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Ahead of his retirement, Puri also sold off 95% of his equity stake in the bank. During the share sale, Puri liquidated around 74.2 lakh shares worth ₹842.87 crore between July 21 and July 23.

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