Mumbai: The board of Axis Bank Ltd on Tuesday appointed an executive committee of four executive directors to oversee operations until Shikha Sharma assumes charge as managing director and chief executive officer.
This move to have an executive committee run the bank until 31 July comes in the wake of the abrupt resignation of P.J. Nayak on 20 April over Sharma’s appointment as his successor. Nayak, whose term was to end on 31 July, resigned soon after the board meeting, in dissent of the board’s decision. “The executive board has four executive directors—M.M. Agarwal, V.K. Ramani, S.K. Chakrabarti and Hemant Kaul. M.M. Agarwal, the senior-most executive director, has been appointed the chairman of the executive board,” said a senior official from the bank, who did not want to be quoted because of the sensitivity of the issue.