Mumbai: Hemant Kaul has resigned as executive director of Axis Bank Ltd, according to a Monday statement from the bank. He will join Bajaj Allianz General Insurance Company Ltd as managing director and chief executive officer effective 1 December, the insurance firm said in a statement Monday.
“I will be moving to Bajaj Allianz General Insurance Company Limited,” Kaul confirmed to Mint. “However, this appointment is yet to be approved by insurance regulator (Insurance Regulatory and Development Authority, or IRDA).”
Kaul has been with Axis Bank in since its inception, and was primarily responsible for the expansion of its retail banking business. In October, Axis Bank’s managing director and chief executive officer Shikha Sharma announced a realignment of the bank’s business into four strategic business units (SBU): retail banking, small and medium enterprises (SME) and agriculture, corporate banking, non-banking retail subsidiaries.
Accordingly, Kaul, who headed the bank’s retail banking unit for the past nine years, was asked to head the non-banking retail subsidiaries. He took charge on 22 October and resigned on 2 November. Earlieri, P.J. Nayak, former chairman and CEO of Axis Bank, had been backing Kaul, who was seen as a bank insider, for the top job at the bank. However, the board in April decided in favour of Sharma, who came from ICICI Prudential Life Insurance Ltd where she was managing director and chief executive officer. Nayak quit in protest.