Sharma requested the Board to reconsider the period of her re-appointment earlier approved for three-years.
Axis Bank chief Shikha Sharma’s term has been reduced to six months from three years at her request. Sharma has been at the bank's helm since June 2009.
Sharma’s re-appointment as the Managing Director & CEO of the Bank was revised from June 1, 2018 up to December 31, 2018.
“Kindly note that Smt. Shikha Sharma, Managing Director & CEO of the Bank has requested the Board to reconsider the period of her re-appointment as the Managing Director & CEO of the Bank be revised from 1st June 2018 up to 31st December 2018,” Axis Bank said in a filing to the stock exchanges.
On December 8, 2017, the board of the third largest private lender had informed of its decision to re appoint Sharma as the MD & CEO, for a period of 3 years with effect from June 1, 2018, subject to requisite approvals.
The decision to reduce the term comes days after reports suggested the Reserve Bank of India had asked Axis' Board to reconsider Sharma's reappointment at the helm for the fourth term on the grounds of the bank's dwindling financial performance.