Who is Kaizad Bharucha? All about HDFC's longest-serving executive board member, frontrunner for CEO post

Kaizad Bharucha, Deputy Managing Director of HDFC Bank since 2023, has emerged as one of the frontrunners to succeed MD and CEO, Sashidhar Jagdishan, who retires on 26 October, Reuters reported. The bank's announcement on 29 August that Jagdishan will not seek reappointment has put succession in sharp focus.

“The Board decided to fast-track the process for selection and appointment of his successor well within time,” HDFC Bank said while announcing Jagdishan’s decision.

All to know about HDFC's longest-serving executive board member

Under Reserve Bank of India (RBI) rules, banks must submit multiple names for the CEO position, which is why India's largest private lender is also searching for an external candidate. Bharucha, who co-chaired HDFC's Integration Committee and spearheaded multiple posts, however, remains a strong internal contender.

Bharucha took charge as Deputy MD on 19 April 2023 and has nearly four decades of banking experience. He has been with the top lender since 1995 and became a board member in 2014.

According to HDFC Bank, Bharucha currently leads several sectors within the financial institution, including Corporate Banking, Emerging Corporates Group, Business Banking – Working Capital, Investment Banking, Rural Banking Group, Emerging Enterprises Group, Healthcare Finance, Sustainable Livelihood, Retail Assets and Mortgage Business. He also oversees Transportation, Tractor Finance, Infrastructure Group and Realty Business Finance.

The 60-year-old banker heads the Inclusive Banking Initiatives Group, Corporate Social Responsibility (CSR) and Environmental, Social and Governance (ESG) functions. He became a Board member in 2014 and held multiple leadership positions during his tenure.

“As the Bank’s Executive Director, Mr Bharucha managed diverse portfolios, including Corporate Banking, PSUs, Capital & Commodities Markets, Financial Institutions, Emerging Corporates Group, Business Banking, Healthcare Finance, Agri-Lending, Tractor Financing, Commercial Vehicle Finance, Commercial Equipment Finance, Infrastructure Finance, Department for Special Operations and Inclusive Banking Initiatives,” HDFC Bank's website says.

Before joining the board, he led risk management activities – Credit Risk, Market Risk, Debt Management, Risk Intelligence, and Control Functions, in his role as head of the Credit & Market Risk group. He previously worked with SBI Commercial and the International Bank.

An alumnus of Sydenham College of Commerce and Economics (University of Mumbai), he holds a Bachelor's degree in Commerce (B Com).