Amitabh Chaudhry of HDFC Life to Succeed Shikha Sharma as Axis Bank CEO and MD

On last Saturday (September 22), Axis Bank has said they have received the approval from Reserve Bank of India’s to appoint Amitabh Chaudhry as CEO (Chief Executive Officer) and MD (Managing Director) for a period of 3 years from January 1, 2019, and will remain in office till December 31, 2021. Amitabh Chaudhry, the current CEO and MD of HDFC Life insurance Company Ltd, will succeed the current CEO of Axis Bank, Shikha Sharma. In 1987, Amitabh Chaudhry started his career in corporate banking with Bank of America (BOA). He also served in distinct roles ranging from country finance officer to managing director and technology officer, investment banking, Asia.

Amitabh Chaudhry of HDFC Life to Succeed Shikha Sharma as Axis Bank CEO and MD

Regarding the announcement, Sanjiv Misra, the Chairman of Axis Bank has said: “After an extensive search, my fellow directors and I are pleased to welcome Chaudhry as CEO and MD. He has a proven track record and is well-equipped to lead ur bank in pursuing its growth ambitions balanced with a strong emphasis on risk and compliance management.”

The announcement comes Shikha Sharma decided to leave Axis Bank on December 31. Shikha Sharma’s move comes at a period when Axis Bank had posted a sharp rise in bad loans. According to the analysts, the central bank’s asset quality review in the latter half of 2015 led to a rise in bad loans for most of the lenders, including Axis Bank. In the quarters that followed, Axis Bank turned out to be among the banks worst hit by the AQR.

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