Axis Bank in­ducts Amitabh Chaudhry on its board

Business Standard - - FRONT PAGE - PRESS TRUST OF IN­DIA

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.

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