HDFC Bank's newly appointed managing director and CEO, Sashidhar Jagdishan's annual salary for fiscal year 2021 is Rs 4.8 crore, according to the annual report of the bank for 2020-21. But, Jagdishan's total takeaway may be higher than this considering the compensation in his previous role.
In his previous role as group head and 'change agent' of the bank, Jagdishan earned an annual salary of Rs 2.91 crore. In his previous role, Jagdishan earned a salary increase of 6.6 percent in FY 21, the report showed.
In the case of Sashidhar Jagdishan and executive director Kaizad Bharucha, fixed pay includes salary, allowances, retiral benefits as well as value of perquisites excluding ESOPs.
Bharucha earned a salary of Rs 6 crore for FY 21.
Jagdishan, as group head, used to handle Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications, and Corporate Social Responsibility in his previous role. He took over as new MD&CEO succeeding Aditya Puri on October 27, 2020. The former managing director Aditya Puri took home a total remuneration of Rs 18.9 crore in the fiscal year 2019-20.
Shashi, as he is called by colleagues in HDFC Bank, joined the institution in 1996 as a manager in the finance function.
He rose through the ranks fast. He became Business Head ‐ Finance three years later in 1999 and was appointed as CFO in 2008. Jagdishan played a critical role in supporting the growth trajectory of the bank. He led the finance function and played a pivotal role in aligning the organisation in achieving its strategic objectives over the years.
Jagdishan completed his graduation in Science with a specialisation in physics and is a Chartered Accountant. He also holds a Master’s degree in Economics of Money, Banking & Finance from the University of Sheffield, UK.