Mumbai: Axis Bank Ltd has started the process to select a new Managing Director and chief executive as incumbent Shikha Sharma is scheduled to resign from the post in December, the private sector bank said in a regulatory filing on Friday.
Sharma had requested the bank’s board to relieve her by 31 December 2018 after Axis Bank decided to give her a three-year term beginning 1 June 2018.
“This is to inform you that the Board of Directors of the Bank has commenced the succession process to appoint a new managing director and chief executive of the bank,” Axis Bank said in the regulatory filing.
The bank’s board has appointed Egon Zehnder, a global leadership advisory firm, to conduct the succession process and evaluate candidates for the said post. The bank further said the board will ensure that the process will be completed before the end of Sharma’s tenure and “thus facilitate smooth transition of leadership responsibilities at the bank”.
Axis Bank had in December 2017 said its board decided to reappoint Sharma as the MD and CEO for a period of three years with effect from 1 June 2018, subject to receipt of requisite approvals. The Reserve Bank of India (RBI) raised questions over her reappointment for a fourth term in the wake of mounting non-performing assets (NPAs) or bad loans at the bank.
Sharma would be completing her third term as Axis Bank’s MD and CEO on 31 May.