Axis Bank – Shikha Sharma takes over as Nayak moves out
Shikha Sharma, CEO and MD of ICICI Prudential Life Insurance, has decided to move on.
She has been offered the top job at Axis Bank, which caused current chairman and CEO JP Nayak to put in his papers after being at the helm for nine years. Nayak was against her appointment, and wanted an insider to take over the top job, but he was overruled by the Board 8:1. Sharma beat two others shortlisted by the board, MM Agarwal and Hemant Kaul.
Shikha Sharma probably took this decision once Chanda Kochhar got the top job at ICICI Bank. On the other hand, Nayak, who has steered Axis Bank through troubled waters, still had time on his hands as his term gets over only on July 31. A couple of years ago, the RBI had asked Axis Bank to separate the posts of chairman and managing director, but Nayak didn’t agree, and as a compromise, the post of managing director was abolished and Nayak became chairman and wholetime director.
Shikha Sharma’s replacement at ICICI Prudential Life Insurance is likely to be V Vaidyanathan, currently Executive Director at ICICI Bank.
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