Axis Bank commences process to appoint new MD & CEO

Mumbai April 20 (IANS) Lending major Axis Bank on Friday said it has commenced the "succession process to appoint a new Managing Director and CEO".

According to a BSE filing the company Board has appointed Egon Zehnder a global leadership advisory firm to conduct the succession process and evaluate candidates.

"The Board will ensure that the said process will be completed before the end of (Shikha) Sharma s tenure and thus facilitate smooth transition of leadership responsibilities at the bank " it said in a BSE filing.

On April 9 Axis Bank accepted the request of incumbent Managing Director and CEO Shikha Sharma to be re-appointed for a shorter duration of time subject to regulatory approval.

Sharma had requested to be on a revised re-appointed period from June 1 2018 up to December 31 2018.

The board had earlier decided to re-appoint Sharma for a period of 3 years from June 1 2018 subject to approvals.

Sharma has served as the bank s Managing Director and CEO for around 9 years. In this period she has led the bank s next stage of growth.

However the rise in the bank s NPA levels has become a major cause of concern.

--IANS
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