Axis Bank Managing Director and Chief Executive Officer (CEO) Shikha Sharma’s term would come to end in December this year after Sharma requested to reduce her fourth term. According to reports, the board of directors of the bank have conveyed it to the Reserve Bank of India (RBI) that Shikha Sharma has asked that her fourth term as the bank chief, which will commence from June 1, 2018 and will end on May 2021, should be shortened down to December 2018.
Axis Bank chief Shikha Sharma has been leading this responsibility since 2009 and is currently serving her third term. Speaking on this development, the Bank said, “Shikha Sharma, Managing Director & CEO of the Bank has requested the Board to reconsider the period of her re-appointment as the Managing Director & CEO of the Bank be revised from 1st June 2018 up to 31st December 2018,” the bank said in a stock exchange filing.
According to reports, the Reserve Bank of India declined to sign off the board’s decision which had proposed a fourth term for Shikha Sharma as the bank chief. However, the RBI declined the proposal. Reports also suggest that the decision was taken after noticing the rise in bad loans and some systemic lapses in the bank. The
Reserve Bank of India had asked the Axis Bank’s board which proposed Sharma’s fourth term to reconsider Sharma’s the decision taking into account over declining financial performance.