BusinessIndia

Axis Bank MD aand CEO Shikha Sharma to make way for successor

Board of Directors names 3 candidates potential candidates

Mumbai.

After almost a decade of dominating Indian banking scenario, women bosses are gradually making way for their successors at the helm of affairs of Indian banking space.

After Arundhati Bhattacharya of SBI, it was Chanda Kochhar of the private lender ICICI and now Axis bank supremo Shikha Sharma is going to make way. The board of Axis Bank has recommended names of three candidates for the position of MD & CEO, the bank said in a release to the exchanges.

The names have been recommended in order of preference for approval by the Reserve Bank of India (RBI), the release said. The candidate, as approved by the RBI, will succeed Shikha Sharma, who is going to complete her term as the MD & CEO of the bank on December 31, 2018.

“The Board of Directors of the Bank at its meeting held on 9th July 2018, has recommended the names of three candidates, in order of preference, for the approval of the RBI. The candidate as approved by the RBI will succeed Smt. Shikha Sharma,” the release said.

However, Axis bank started the process of identifying its next MD and CEO quite early in April itself. The bank had trimmed the balance term of Shikha Sharma to seven months from three years at her request. Sharma has been at the bank’s helm since June 2009.

In July 2017, the board of the third largest private lender had announced 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. In April 2018, however, this was reduced.

Media reports then suggested that 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.

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