The first day of the new year saw Axis Bank’s new MD and CEO Amitabh Chaudhry taking charge as outgoing MD and CEO Shikha Sharma retired, effective December 31, 2018.
The bank said in a regulatory filing, “We wish to inform you that Shikha Sharma, Managing Director and CEO of Axis Bank Limited, has retired from the services of the bank and has accordingly ceased to be the Managing Director and CEO of the bank, with effect from close of business hours on 31st December 2018.”
Amitabh Chaudhry has become the new managing director and CEO of the bank with effect from January 1, 2019.
Amit who is the former MD and CEO of HDFC Standard Life Insurance Company, was in September named the MD and CEO of Axis Bank for a period of three years after an extensive search. He 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.
It is to be remembered that it was in April this year that the banking veteran Shikha Sharma had decided to shorten her working tenure. Reserve Bank of India raised concern about the fourth term of Shika Sharma as MD &CEO, asking the board of Axis Bank to reconsider their decision of giving the fourth term to Sharma, raising worries over rising bad loans in the country.
Interestingly, the coming week Yes Bank is also expected to give the final recommendation for the company's Managing Director and Chief Executive to the Reserve Bank of India after its board meeting on January 9, 2019.