Axis begins hunt for Shikha’s successor

Private sector lender Axis Bank on Friday said it has started the process to select a new managing director and chief executive officer (CEO) as the incumbent Shikha Sharma ( pictured) is scheduled to demit office in December.

Earlier this month, Sharma had requested the board that she might be relived in December. The bank had given her a new three-term beginning June 1.

“This is to inform you that the board of directors of the bank has commenced the succession process to appoint a new managing director and CEO of the bank,” Axis Bank said.

The board has appointed Egon Zehnder, a global leadership advisory firm, to conduct the succession process and evaluate candidates for the said post.

The bank further said the board would ensure that the process is completed before the end of Sharma’s tenure and "thus facilitate a smooth transition of leadership responsibilities at the bank".

In December last year, the bank had said the board decided to reappoint Sharma as MD and CEO for a period of three years with effect from June 1, 2018, subject to receipt of requisite approvals.

The board had accepted Sharma’s request to curtail her tenure amidst the Reserve Bank of India raising questions over her reappointment for the fourth term in the third-largest private sector lender in the wake of mounting non-performing assets.

Sharma would be completing her third term as MD and CEO of Axis Bank on May 31.