HDFC Bank Begins Search For New CFO As Srinivasan Vaidyanathan Nears Exit

HDFC Bank has initiated a search for a new chief financial officer (CFO) as current CFO Srinivasan Vaidyanathan may not receive an extension once his tenure ends in October this year.

The bank has begun discussions with senior industry professionals as potential replacements, Moneycontrol reported.

The move follows the recent departure of long-time executive Bhavin Lakhpatwala, who joined RBL Bank as CFO.

Lakhpatwala was previously considered a possible successor to Vaidyanathan, adding urgency to the succession process.

While the search is underway, a one-year extension for Vaidyanathan remains possible if the bank is unable to finalise a candidate in time.

The CFO transition comes amid a broader leadership reshuffle at HDFC Bank. The tenure of interim chairman Keki Mistry is expected to end in mid-July, although a 90-day extension has reportedly been requested.

In addition, the board is preparing to review the reappointment of Managing Director and CEO Sashidhar Jagdishan, whose term also concludes in October.

According to the report, the bank is likely to look outside its internal talent pool for the CFO role and has reached out to senior finance executives from leading private sector banks.

The selection process is still in early stages and may take several weeks to conclude.

The development comes against the backdrop of a stricter internal policy introduced in late 2024, under which the board decided to limit extensions for employees beyond the superannuation age of 60 years. Vaidyanathan, currently around 63, is already on an extended tenure.

He joined HDFC Bank in 2018 as group head of finance and was later elevated to CFO during a leadership transition when Sashidhar Jagdishan moved out of the CFO role to support the bank’s succession planning for the CEO position.

Prior to joining HDFC Bank, Vaidyanathan worked with Citigroup in New York in a senior finance and treasury role.

The bank has in recent years avoided extending tenures for several senior executives beyond retirement age, reflecting its focus on leadership renewal and bringing in fresh talent.