Axis Bank is in Hunt of New CMD

Leading India's banking major,  Axis Bank has commenced the "succession process to appoint a new Managing Director and CEO".

According to a BSE filing, the company' Board has appointed Egon Zehnder, a global leadership advisory firm, to conduct the succession process and evaluate candidates.

"The Board will ensure that the said process will be completed before the end of (Shikha) Sharma's tenure and thus facilitate smooth transition of leadership responsibilities at the bank," it said in a BSE filing.

On April 9, Axis Bank accepted the request of incumbent Managing Director and CEO Shikha Sharma to be re-appointed for a shorter duration of time, subject to regulatory approval.

Sharma had requested to be on a revised re-appointed period from June 1, 2018 up to December 31, 2018.

The board had earlier decided to re-appoint Sharma for a period of 3 years from June 1, 2018, subject to approvals.

Sharma has served as the bank's Managing Director and CEO for around 9 years. In this period, she has led the bank's next stage of growth.

However, the rise in the bank's NPA levels has become a major cause of concern.