Who is Kaizad Bharucha? HDFC's Deputy Managing Director, who is among frontrunners to succeed CEO Sashidhar Jagdishan

The MD and CEO of HDFC Bank, Sashidhar Jagdishan, is all set to retire on October 26, 2026. Recently, the bank confirmed his retirement, prompting speculations about his succession. Among the frontrunners for the post of CEO is Kaizad Bharucha, who is the longest-serving executive board member of HDFC Bank, the largest private sector lender.

Jagdishan opts out of the company, ending a nearly six-month-long suspense on his fate.

“The Board decided to fast-track the process for selection and appointment of his successor well within time,” HDFC Bank said, as quoted by Reuters.

Who will be the next CEO of HDFC Bank

The bank has reportedly sent names of two candidates in the order of preference and remuneration to fill the void, reported PTI.

The Reserve Bank typically looks after this selection. It approves the selected name to head a lender after going through the preference list and assessing them under its 'fit and proper' criteria.

HDFC Bank said the board has sent two names as approved by its governance, nomination and remuneration committee.

Meet Kaizad Bharucha

Kaizad Bharucha is reported to be a strong candidate for the post of MD and CEO.

Having co-chaired HDFC Bank’s Integration Committee, Kaizad Bharucha has held several key leadership roles within the company.

Roles and responsibilities

He has been serving as the Deputy Managing Director since April 19, 2023. He comes with nearly four decades of banking experience, joining HDFC Bank in 1995. He was appointed to its board in 2014.

At HDFC Bank, Bharucha oversees a wide range of businesses, including eads Corporate Banking, Emerging Corporates Group, Business Banking – Working Capital, Investment Banking, Rural Banking Group, Emerging Enterprises Group, Healthcare Finance, Sustainable Livelihood, Retails Assets, and Mortgage Business.

The 60-year-old banker also heads the Inclusive Banking Initiatives Group, Corporate Social Responsibility (CSR) and Environmental, Social and Governance (ESG) functions.

Leadership roles

Over his nearly three-decade tenure at HDFC Bank, he has held several senior positions across the organisation. As the lender's Executive Director, he has had a 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.

"As a member of the Board, his responsibilities include (but are not limited to), active review and engagement in the credit approval process; active review and engagement in the quarterly and annual Board meetings and AGM; presiding over and reviewing Business Continuity Plan (BCP) committee meetings, among several others," reads the official website about his roles and responsibilities.

Before joining the board, Bharucha headed the Credit & Market Risk group, overseeing Credit Risk, Market Risk, Debt Management, Risk Intelligence and Control Functions.

Background

Before HDFC Bank, he worked with SBI Commercial and the International Bank.

Kaizad Bharucha is BCom graduate from Sydenham College of Commerce and Economics under the University of Mumbai.