Largest private sector lender HDFC Bank’s Managing Director and CEO Sashidhar Jagdishan has conveyed his decision not to seek reappointment as the bank's Managing Director and Chief Executive Officer, the lender said in a stock exchange filing on Saturday. Jagdishan will retire from the services of the bank at the close of business on October 26, 2026, the bank said. The decision was taken up by the Board at its meeting on Saturday, with the Board stating that Jagdishan had reiterated his decision despite being persuaded to reconsider. Jagdishan has led HDFC Bank since October 2020. The decision is a reversal from Jagdishan’s earlier stance on continuing at the bank. In interactions with the media, Jagdishan had indicated that he was willing to continue as MD & CEO, while the bank’s board had been working on the reappointment process. As recently as July, Deputy MD Kaizad Bharucha had said the board was “seized” of the matter and was finalising the process. Advt "The Board deeply appreciated his commitment, leadership, contribution to the growth, stability of the Bank and his role in successful completion of one of the largest mergers in corporate India," HDFC Bank said. The Board has decided to fast-track the selection and appointment of Jagdishan's successor, signalling a significant leadership transition at the lender. Jagdishan's exit comes at a time when HDFC Bank is already undergoing a broader reshaping of its senior leadership. The bank's part-time chairman Atanu Chakraborty resigned in March 2026, citing concerns around "values and ethics".