Private sector lender Axis Bank today said it has started the process to select a new Managing Director & CEO as the incumbent Shikha Sharma is scheduled to demit office in December. Earlier this month, Sharma had requested the Board that she may be relived in December. The bank had earlier given her a new three-term beginning June 1. "This is to inform you that the Board of Directors of the Bank has commenced the succession process to appoint a new Managing Director & CEO of the Bank," Axis Bank said in a regulatory filing.

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The Board has appointed Egon Zehnder, a global leadership advisory firm, to conduct the succession process and evaluate candidates for the said post. The bank further said the Board will ensure that the process will be completed before the end of Sharma's tenure and "thus facilitate smooth transition of leadership responsibilities at the bank". In December last year, the bank had said the Board had decided to reappoint Sharma as the Managing Director and CEO, for a period of three years with effect from June 1, 2018, subject to receipt of requisite approvals.

The Board had accepted request of Sharma to curtail her tenure amidst RBI raising questions over her re-appointment for the fourth term as MD and CEO of the third largest private sector lender in the wake of mounting non-performing assets (NPAs) or bad loans. Sharma would be completing her third term as MD and CEO of Axis Bank on May 31.