Axis Bank has finally taken a call and chosen Amitabh Chaudhry, current Managing Director of HDFC Life to replace Shikha Sharma as MD and CEO after she steps down in December.
Earlier, in July, Axis Bank had submitted a list of candidates to the RBI for its approval.
On 9th September, the Board of Directors (the Board) of the Bank took on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Amitabh Chaudhry as the Managing Director & CEO of the Bank for a period of 3 years with effect from 1 January, 2019 up to 31 December, 2021 (both days inclusive) and the terms and conditions relating to the said appointment, including remuneration.
"After an extensive search, my fellow directors and I are pleased to welcome Amitabh as the Bank's MD & CEO. Amitabh 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," said Sanjiv Misra, Chairman, Axis Bank.
Amitabh Chaudhry has been leading HDFC Standard Life Insurance Co., Ltd. since January 18, 2010. Prior to that, he has also headed Infosys BPO Limited (known as Progeon Limited) for about three years.
Amitabh started his career in corporate banking in 1987 with Bank of America. He served as Regional Finance Head for Wholesale Banking and Global Markets and Chief Finance Officer of Bank of America (India) and was associated with Credit Lyonnais Securities, Singapore as Head of Investment Banking Franchise for South East Asia from 2001 to 2005 before joining Infosys BPO.
Amitabh thanked the RBI and the Axis Bank Board for the privilege and honor given to him to lead the Bank and said, “Axis Bank is amongst the leading private sector banks in the country. Together, with the support of the Board and the Axis team, I am confident of continuing the bank's remarkable journey these past 25 years and to contribute to its future growth.”
Amitabh is an alumnus of Birla Institute of Technology and Science, Pilani and IIM Ahmedabad and serves as Director of Manipal Global Education Services Private Limited.