Jairam Sridharan, Group Executive and Chief Financial Officer and Key Managerial Personnel of Axis Bank, has stepped down from his post. In a filing on Bombay Stock Exchange, the bank stated that Sridharan would like to pursue other career opportunities and as such has resigned from his services.
Sridharan will, however, continue to serve as the Group Executive and Chief Financial Officer of the bank under his notice period of three months. The bank said that it has initiated the succession plan for the post of Group Executive and Chief Financial Officer under guidance from the Nomination and Remuneration Committee and the Audit Committee of Board.
Axis Bank stated on the development, “The bank places on record its appreciation for the invaluable contribution provided by Jairam Sridharan during his tenure as the Group Executive and Chief Financial Officer of the Bank and we wish him the very best in his future endeavours.”
Sridharan has nearly two decades worth of experience in the banking and financial services industry. He was elevated to the position of Group Executive and CFO in October 2015 and handled finance and strategy and business intelligence.
Prior to that, he was President - Retail Lending and Payments at Axis Bank, where he spearheaded growth in the retail lending and payments businesses comprising retail lending products, cards business, and the agriculture and rural lending business. Before joining Axis Bank in June 2010, Sridharan worked with Richmond, Virginia based consumer bank Capital One Financial.
Sridharan, an alumnus of IIT Delhi and IIM Calcutta, had also worked with ICICI Bank during their initial foray into retail lending businesses. The bank has undergone quite a bit of change at the top this year. The first day of 2019 saw Axis Bank’s new MD and CEO Amitabh Chaudhry taking charge as outgoing MD and CEO Shikha Sharma retired, effective December 31, 2018. Further, in April this year, in a significant restructuring move, the Bank terminated more than 50 mid-level managers as it reorganized its business and slashes costs. The managers asked to quit comprise of executive vice-presidents and vice-presidents who led various supervisory functions in corporate and retail banking.