Axis Bank extends Shikha Sharma’s term by three years

Shikha Sharma (pictured) has been reappointed managing director and chief executive officer (CEO) of Axis Bank for a three-year term from June 2018, putting to rest rumours about her being sounded out to head the Tata group’s financial services vertical.

Axis Bank has informed the BSE that its board of directors approved the reappointment at a meeting on Wednesday.

The appointment was subject to compliance with the prescribed formalities and receipt of requisite regulatory approvals, the bank said. Axis Bank had appointed an executive search firm to shortlist candidates for the CEO’s post after Sharma’s current term ended in June 2018.

“The appointment of a search firm was in the interests of governance, given that I would have done nine years with the bank in June 2018. It does not preclude anything about whether I will do another term or not,” Sharma told reporters earlier in the day.

“You should wait to hear the announcement from the board at the appropriate time,” Sharma said at a press conference to announce the acquisition of FreeCharge, a digital payments platform.

Sharma joined Axis Bank from ICICI Prudential Life, where she was the managing director and chief executive, and replaced the first chairman and chief executive of the bank, P J Nayak.

Sharma began her career with ICICI in 1980 and played a key role in setting up the group’s investment banking business.