Comments
Private sector lender Axis Bank on Friday said it has appointed global leadership advisory firm Egon Zehnder to appoint a new Managing Director and CEO for the bank.
“The board has appointed Egon Zehnder, a global leadership advisory firm, to conduct the succession process and evaluate candidates for the said post,” it said in a regulatory filing.
The move follows Shikha Sharma, the current Managing Director and CEO of the bank, deciding to step down from the post after December 31 this year.
The bank further said that the board will also ensure that Sharma’s replacement is appointed before the end of her tenure to “facilitate smooth transition of leadership responsibilities”.
It was widely expected that the bank would look outside to find a replacement for Sharma.
Axis Bank had on April 9 announced that Sharma had decided to cut short her fourth term and leave at the end of the year.
The Reserve Bank of India is understood to have raised questions as to why Sharma was being given a fourth term, as the lender was facing rising non-performing assets.
Axis Bank will announce its fourth quarter and full-year results on April 26.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.