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Axis Bank commences process to appoint new MD & CEO
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SME Times News Bureau | 21 Apr, 2018
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.
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