Business

Axis Bank Accepts CEO-MD Shikha Sharma's Request For 3-Year Tenure To Be Reduced To 7 Months

DIVYIA ASTHANA | 0
1119
| April 10 , 2018 , 10:16 IST

The longest-serving woman CEO in the financial sector, Axis Bank Managing Director and CEO Shikha Sharma has requested that her 4th term with the Bank be reduced to 7 months from the bank board approved 3-years.

The Axis Bank issued an official statement on Monday about Sharma's request, adding that the bank's board has approved the request, subject to the approval of the Reserve Bank of India (RBI).

"In this connection kindly note that Smt Shikha Sharma, Managing Director & CEO of the Bank has requested the Board to reconsider the period of her re-appointment as the Managing Director and CEO of the Bank to be revised from June 1, 2018 up to December 31, 2018," the bank said in a regulatory filing.

ALSO READ: Shikha Sharma Re-Appointed Axis Bank MD For 3 Years

The bank did not elaborate on why Sharma wanted to have her fourth term with the bank be reduced to 7 months from 3 years.

On December 8, 2018, the Axis Bank in a regulatory filing had said that the board has decided to reappoint Sharma as the Managing Director and CEO for a period of 3 years from June 1, 2018, pending requisite approvals. The Reserve Bank of India was also yet to give approval for the re-appointment.

Shikha Sharma has been a CEO since 2000 when she took charge of ICICI Prudential Life Insurance, and 9 years later she was appointed as the MD and CEO of Axis Bank in 2009.