Axis Board recommends three candidates to replace Shikha Sharma

Last Updated: Wed, Jul 11, 2018 17:14 hrs
Axis Bank's logo is seen next to ATM machines at its corporate headquarters in Mumbai

The board at Axis Bank has been reported of recommending names of three bankers who could replace Shikha Sharma, the current Managing Director and CEO.

The bank in a regulatory filing informed that its board of Directors at a meeting held on Monday confirmed three names in order of preference. The board's decision has been kept discreet.

Sharma's term comes to an end on December 2018. The board had voted for Sharma as CMD for a three year term starting from May 2018, however the central bank wrote back to the board, asking for a reconsideration. The RBI in a letter conceded that the bank's financials had worsened under Sharma.

Axis Chairman had been appraised of how the banks NPAs ballooned five times in two years.

The bank in its latest filing said, "The candidate as approved by the RBI, will succeed Shikha Sharma, whose term as the Managing Director & CEO of the Bank, is due to expire on 31st December 2018."

Sharma had completed her third term as MD and CEO of Axis Bank on May 31. However, she had not intimated the reason for an early exit from the bank.

Even though the bank's board is yet to reveal the names of candidates, some speculated bankers such as PS Jayakumar, the MD and CEO at Bank of Baroda and Pramit Jhaveri, the CEO of Citibank India, as ones who could replace Sharma.

Both have spent considerable time with CitiBank. While Jayakumar spent 23 years at CitiBank's Singapore and India branches, Jhaveri is associated with the bank for 31 years.