Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Twitter
Gmail
Reserve Bank Of India (RBI)
Reliance
Sensex
New Labour Laws in India
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / Axis Bank reappoints CEO Shikha Sharma for 3 years
Business

Axis Bank reappoints CEO Shikha Sharma for 3 years

Axis Bank reappoints CEO Shikha Sharma for 3 years
Written by Ramya Patelkhana
Jul 27, 2017, 09:50 pm 3 min read
Axis Bank reappoints CEO Shikha Sharma for 3 years

The Axis Bank board has reappointed Shikha Sharma as the bank's CEO and Managing Director, finally putting an end to speculations of her exit. Her reappointment is for a three-year period, until June 2021; her current and second term ends on 1 June 2018. Earlier there were reports she might leave Axis Bank to head the Tata Group's financial services arm.

Quote
Axis Bank Board of Directors' meeting held

Axis Bank's board stated it approved "The re-appointment of Smt. Shikha Sharma as the Managing Director & CEO of the Bank for a period of 3 years, w.e.f. 1 June 2018, subject to compliance with the prescribed formalities and receipt of requisite regulatory/ statutory approvals."

ICICI to Axis
Shikha Sharma joins Axis from ICICI

Shikha Sharma, an alumnus of Delhi's Lady Shri Ram College for Women and IIM Ahmedabad, began her career with ICICI Limited in 1980. She left ICICI Prudential Life, where she was CEO & MD, to replace Axis Bank's first Chairman and CEO PJ Nayak in 2009. Under the 58-year-old CEO, Axis's corporate and retail lending operations expanded; its loan book grew four times.

Criticism
Axis's management criticized for prioritizing growth over asset quality

India's third-largest bank, Axis Bank, underwent massive growth under Sharma, including the foray into mutual funds, non-banking financial services, retail & institutional broking etc. However, Axis is under tremendous pressure from its mounting gross bad loans, which rose to 5.04% in Mar'17 from 0.96% in Mar'09, when Sharma took over. Its gross non-performing assets jumped by over 350% in the last five quarters.

Executive Search Firm
Axis Bank searching for Sharma's successor

Axis Bank, India's seventh-largest bank by assets, hired headhunting firm, Egon Zehnder, on 15 July to identify Sharma's successor. Sharma said the bank's decision was taken "in the interest of best governance". She added the appointment of Egon Zehnder "does not preclude anything" about whether she will do another term. The bank has been "burdened" with massive stressed loans for over a year now.

Information
Shikha Sharma looking to join Tata Group?

On 25 July, there were reports that Sharma was going to join Tata Group. She was reportedly sounded out by Tata Sons Chairman Chandrasekaran to lead the Group's financial services, including Tata Capital and Tata-AIA Life Insurance. However, Axis Bank denied the reports.

Third Term
Sharma excited about Financial Services sector in India

Prior to her reappointment, Shikha Sharma said she is "deeply excited about the opportunity of what's possible in the financial services space in India." This added to the speculations that she could leave Axis Bank. However, hinting at another term at Axis Bank, she later stated, "I think there are lots of exciting things to do in the bank."

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Ramya Patelkhana
Ramya Patelkhana
Mail
Ramya Patelkhana is a senior editor at NewsBytes. She has nearly seven years of experience in digital journalism and has previously worked with India News and Authint Media. She has a Bachelor's degree in Journalism and Mass Communication from the IK Gujral Punjab Technical University, Kapurthala, and an advanced diploma in Media Studies from IPW, New Delhi.
Latest
India
Banking
Shikha Sharma
Tata Sons
Lady Shri Ram College
Latest
Hero Lectro e-cycles become cheaper thanks to Rs. 15,000 subsidy
Hero Lectro e-cycles become cheaper thanks to Rs. 15,000 subsidy Auto
Everything to know about 'Swayamvar - Mika Di Vohti'
Everything to know about 'Swayamvar - Mika Di Vohti' Entertainment
Top 5 truly wireless earbuds with ANC under Rs. 10,000
Top 5 truly wireless earbuds with ANC under Rs. 10,000 Technology
2022 Wimbledon: Garcia ousts Raducanu; second seed Kontaveit stunned
2022 Wimbledon: Garcia ousts Raducanu; second seed Kontaveit stunned Sports
SC refuses to stay floor test; Uddhav Thackeray resigns
SC refuses to stay floor test; Uddhav Thackeray resigns Politics
India
Bengaluru Airport installs diaper changing room in men's washroom
Bengaluru Airport installs diaper changing room in men's washroom Lifestyle
Who is Mohammed Zubair, journalist arrested for hurting religious sentiments?
Who is Mohammed Zubair, journalist arrested for hurting religious sentiments? India
Sri Lanka under virtual lockdown over fuel scarcity amid crisis
Sri Lanka under virtual lockdown over fuel scarcity amid crisis World
Man left behind by 'baraat' sues groom for Rs. 50L
Man left behind by 'baraat' sues groom for Rs. 50L Lifestyle
Pallonji Mistry, chairman of Shapoorji Pallonji Group, dies at 93
Pallonji Mistry, chairman of Shapoorji Pallonji Group, dies at 93 Business
More News
Banking
ICICI Bank FD interest rates hiked: Check latest rates
ICICI Bank FD interest rates hiked: Check latest rates Business
Some banking rules that will change from next month (October)
Some banking rules that will change from next month (October) Business
Banks closed up to 21 days in October: Check list
Banks closed up to 21 days in October: Check list Business
#NewsBytesExclusive: How the Russian start-up JuicyScore strategizes credit fraud prevention
#NewsBytesExclusive: How the Russian start-up JuicyScore strategizes credit fraud prevention Inspirational
Two-day bank strike from today: These services would be affected
Two-day bank strike from today: These services would be affected Business
More News
Shikha Sharma
Five Indian web-series you can binge watch this weekend
Five Indian web-series you can binge watch this weekend Entertainment
After 10.5% pay-cut, HDFC Bank CEO earns Rs. 2.64L daily
After 10.5% pay-cut, HDFC Bank CEO earns Rs. 2.64L daily Business
After RBI-snub, Axis wants to cut CEO Shikha Sharma's tenure
After RBI-snub, Axis wants to cut CEO Shikha Sharma's tenure Business
Year-end bonuses to ICICI, Axis, HDFC bank CEOs on hold
Year-end bonuses to ICICI, Axis, HDFC bank CEOs on hold Business
International Women's Day: A look at some of Indian 'Sheroes'
International Women's Day: A look at some of Indian 'Sheroes' India
More News
Tata Sons
Tata Sons' chief N Chandrasekaran is new Air India chairman
Tata Sons' chief N Chandrasekaran is new Air India chairman Business
Ex-Turkish Airlines chairman Ilker Ayci declines Air India CEO role
Ex-Turkish Airlines chairman Ilker Ayci declines Air India CEO role Business
Ilker Ayci, former Turkish Airlines chief, is Air India CEO
Ilker Ayci, former Turkish Airlines chief, is Air India CEO Business
'Totally delighted,' says Tata Sons chief after Air India takeover
'Totally delighted,' says Tata Sons chief after Air India takeover Business
Tata Sons chairman to meet PM before Air India handover
Tata Sons chairman to meet PM before Air India handover Business
More News
Lady Shri Ram College
Lady Shri Ram College student wins prestigious Diana Award
Lady Shri Ram College student wins prestigious Diana Award Delhi
DU first cut-off list out; 100% cut-offs at LSR
DU first cut-off list out; 100% cut-offs at LSR Career
DU: Second cut-off marginally drops, various courses closed for admission
DU: Second cut-off marginally drops, various courses closed for admission Delhi
#CareerBytes: Couldn't clear JEE Advanced? Here are seven alternative options
#CareerBytes: Couldn't clear JEE Advanced? Here are seven alternative options India
DU admissions: English (Hons.) continues to be most sought-after course
DU admissions: English (Hons.) continues to be most sought-after course India
More News
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022