Nayak resigns from Axis bank as the board appoints Shikha Sharma new MD
In a surprise development PJ Nayak has put in his papers to mark his protest to the board's decision to appoint Shikha Sharma, head of ICICI Prudential Life Insurance Company, as the new Managing Director of the bank.
In a release to the stock exchanges the bank informed about the development. Nayak was to step down in July 2009 at the expiry of his tenure. Sharma’s appointment will have to be approved by shareholders and RBI and she would have tenure of five years from the date of joining.
"I have not yet tendered my resignation at ICICI as this (announcement) came as a surprise to me," Sharma told Financial Chronicle. "I have worked across different sectors of financial service industry over the past two decades, and I don't see this as a major challenge," she was quoted by Indian media as saying.
Sharma, an IIM-Ahmedabad graduate, has been with ICICI Prudential Life Insurance since its inception in December 2000. After taking charge she was able to turn the company one of the largest player in the segment.
Sharma joined the ICICI Group in 1980 and has been instrumental in setting up various group businesses for the company, including investment banking and retail finance.
It seems to be big churning at the top level in ICICI. Renuka Ramnath, MD and CEO of ICICI Ventures also resigned on Monday, said a company release. The country's top private lender ICICI Group's private equity arm immediately named a group executive, Vishakha Mulye, as her successor.
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