Axis gets a new boss

Amitabh Chaudhry will succeed Shikha Sharma as the managing director and CEO of Axis Bank from January next year.

By Our Bureau in Calcutta
  • Published 9.09.18
NEW ROLE: Chaudhry

Calcutta: Amitabh Chaudhry will succeed Shikha Sharma as the managing director and CEO of Axis Bank from January next year.

The country's third-largest private bank on Saturday announced the appointment of 54-year-old Chaudhry, who is now the managing director and CEO of HDFC Standard Life Insurance Company. He has been associated with the insurer since January 2010.

"The board of directors at its meeting held on Saturday has taken on record the approval granted by the RBI to the appointment of Amitabh Chaudhry as the managing director and CEO of the bank for a period of three years with effect from January 1, 2019, up to December 31, 2021 (both days inclusive)," the bank said in a notice to stock exchanges.

The notice added that Chaudhry will take over from Sharma after she demits office on December 31, 2018.

In April, Axis Bank had started the exercise to find Sharma's replacement. It appointed Egon Zehnder, the global leadership advisory firm, to vet the candidates. In July, Axis Bank said its board had shortlisted three candidates.

"After an extensive search, my fellow directors and I are pleased to welcome Amitabh as the bank's MD and CEO. He has a proven track record and is well equipped to lead Axis Bank in pursuing its growth ambitions balanced with a strong emphasis on risk and compliance management," Axis Bank chairman Sanjiv Misra said.

Sharma, 59, had requested the board to curtail her term. The bank had appointed her till June 2021, but she will now leave in December.

The RBI had earlier asked the Axis Bank board to reconsider the extension to Sharma.

The central bank was reportedly not happy with the performance of the lender, particularly on the asset quality front.

"I have spent over nine years with the bank and I shall always look back at my journey with a deep sense of satisfaction and pride," said Sharma.

Chaudhry had started his career with Bank of America in 1987. He was also associated with Calyon Bank. Before joining HDFC Life, he had worked with Infosys BPO Ltd in 2003 and became its MD and CEO in 2006. He was also head-independent validation and testing unit of Infosys Technologies Ltd.