Months after HDFC Bank chair quit, CEO says won’t stay beyond Oct

MUMBAI: HDFC Bank MD & CEO Sashidhar Jagdishan, chief of the country’s largest private lender, has decided not to seek a third term and will retire on Oct 26, bringing an unexpected end to a six-year tenure marked by a series of challenges, many of which had their origins before he took charge but came to roost during his tenure.Jagdishan conveyed his decision to the bank’s board on Saturday. The board, which had an unscheduled meeting, said it tried to persuade him to reconsider, but he reiterated his decision not to seek another term.This came months after Jagdishan had indicated that he was a candidate for a third term. He is understood to have met HDFC Bank chairman Rajiv Kumar early on Saturday. Those in the know said his decision may have been triggered by indications that a full third term was not forthcoming.