Zubin Mody, Chief Human Resources Officer (CHRO) of IndusInd Bank, has tendered his resignation after a 20-year tenure with the private lender.
His departure, effective October 24, 2025, was formally communicated to the bank’s board through a letter dated July 25, 2025, and disclosed in a regulatory filing under SEBI’s Listing Obligations and Disclosure Requirements (LODR) norms.
Zubin described the decision as “difficult,” citing a desire to explore new professional opportunities outside the organization.
He expressed gratitude to the board, colleagues, and stakeholders for their support throughout his career and assured full cooperation during the transition period.
A Career Spanning Multiple Industries
Zubin joined IndusInd Bank in December 2005, following senior HR roles at ICICI Bank and ICICI Lombard, where he led performance management and compensation functions.
His earlier career included stints at Marico Industries and Heinz India, where he worked across recruitment, training, and organizational development.
An alumnus of XLRI Jamshedpur, Zubin holds a management degree in Personnel Management & Human Resources and a Physics Honours degree from Mumbai University.
Leadership Exit Amid Broader Changes at IndusInd Bank
Zubin’s resignation comes amid a series of high-level exits at IndusInd Bank.
Earlier this year, CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned following accounting lapses linked to internal derivatives trades, which led to a reported loss of ₹2,000 crore.
These departures have prompted speculation about a broader leadership overhaul and governance reset at the bank.
While Zubin’s resignation was officially attributed to personal career aspirations, analysts suggest it may be part of a larger effort by the board to restructure senior management and restore stakeholder confidence.
Role and Influence Within IndusInd Bank
As CHRO, Zubin played a central role in shaping IndusInd Bank’s talent strategy, overseeing recruitment, compensation, and employee engagement.
He was also instrumental in senior-level appointments and succession planning.
Notably, he was one of the longest-serving and highest-paid CHROs in the Indian banking sector, despite the bank reporting higher attrition rates than its peers in recent years.
His continued tenure, even amid performance concerns, was seen by some as a reflection of his close alignment with the bank’s promoters.
However, his exit now signals a potential shift in how the bank approaches executive accountability and HR leadership.
Transition and Future Outlook
The bank has not yet named a successor to Zubin.
His departure has deepened the leadership vacuum at IndusInd Bank. In the absence of a permanent CEO, the bank is currently being overseen by a Committee of Executives.
The Reserve Bank of India recently extended the committee’s tenure until August 28, 2025. This move highlights the pressing need to stabilize the bank’s top leadership.
Zubin’s resignation marks the end of an era for IndusInd Bank’s HR function.
IndusInd Bank is currently navigating leadership changes and facing increased regulatory scrutiny.
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