Mumbai: Private sector lender Axis Bank Ltd on Tuesday said its shareholders have approved the proposal to bifurcate the post of chairman and chief executive officer (CEO) of the bank into two separate designations.
Shareholders of the bank, by way of postal ballot, have approved the bifurcation of present post of chairman and CEO into two separate posts— non-executive chairman and managing director, Axis Bank said in a filing to the Bombay Stock Exchange (BSE).
Under the resolution, the managing director of the bank would be a whole-time director and will also function as CEO and would be responsible for the day-to-day management, it said.
Further, the chairman would function in a non-executive capacity, the bank added.
Shares of Axis Bank ended Tuesday at Rs324.95, marginally up by 0.59%, on BSE.