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Shikha heads for Axis, Renuka replaced

Shikha Sharma, the Managing Director and CEO of ICICI Prudential Life Insurance Company, has been named as the Managing Director and CEO of Axis Bank, the third-largest private sector bank.

business Updated: Apr 20, 2009 21:34 IST
HT Correspondent

Shikha Sharma, the Managing Director and CEO of ICICI Prudential Life Insurance Company, has been named as the Managing Director and CEO of Axis Bank, the third-largest private sector bank. Sharma would be leaving after spending 29 long years at the ICICI Bank group, where the IIM-Ahmedabad alumnus was also instrumental in setting up investment banking and retail finance.

Meanwhile, Renuka Ramnath quit as chief of ICICI group’s private equity arm, which immediately named group executive Vishakha Mulye as the successor to take charge from Tuesday.

Ramnath put in her papers as CEO and Managing Director of ICICI Ventures, which its board accepted at a meeting this evening, the company said in a statement.

The decision of the Axis board at its meeting on Monday angered the bank’s incumbent Chairman & CEO, PJ Nayak, who in protest announced he is resigning from the services of the bank "forthwith", the bank said in a statement sent to the Bombay Stock Exchange. After Nayak, retirement in July 2009, the bank was to split the post of Chairman and CEO by appointing a non-executive Chairman and a Managing Director & CEO. Nayak was rooting for an insider, Hemant Kaul, Axis Bank's Executive Director-Retail Banking.

V Vaidyanathan, the ICICI Bank's Executive Director incharge of retail and SME banking, is expected to be named as Sharma's successor.