Axis Bank inducts Amitabh Chaudhry on its board
Axis Bank on Saturday inducted Amitabh Chaudhry as additional director on its board, three weeks ahead of his taking over as the new managing director and CEO of the lender. He will replace incumbent Shikha Sharma, whose fourth term has been curtailed by the RBI by nearly two-and-half years. The board gave its nod for the reappointment of Samir Barua, Som Mittal, and Rohit Bhagat as independent directors.
Axis Bank on Saturday inducted Amitabh Chaudhry as additional director on its board, three weeks ahead of him taking over as the new managing director and chief executive officer of the bank.
He will replace incumbent Shikha Sharma, whose fourth term has been curtailed by the Reserve Bank of India (RBI) by nearly two-andhalf years. In a board meeting on Saturday, the bank approved the appointment of Chaudhry as additional director. The board also gave its nod for the reappointment of Samir Barua, Som Mittal and Rohit Bhagat as independent directors. “The board... has appointed Amitabh Chaudhry as an additional director of the bank, and to hold office till the conclusion of the ensuing annual general meeting,” the bank said in a filing. The appointment is subject to approval of the shareholders, it added. Chaudhry, 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, with effect from January 1, 2019.
He started his career in corporate banking with the Bank of America in 1987, where he worked in diverse roles. In July 2017, the board of Axis Bank had approved the reappointment of Shikha Sharma, who was to start her fourth term as MD and CEO from June 2018. However, in April this year, Sharma wanted her new term to be reduced to seven months from a three-year tenure without citing reasons, which was accepted by the board. It was learnt the RBI had asked the bank’s board to reconsider the decision to reappoint Sharma amid concerns over rising bad loans on the bank’s books. She had completed her third term as the bank’s head on May 31.