The shareholders of Axis Bank on Monday approved the appointment of Shikha Sharma as its Managing Director for five years and also gave its nod to the bifurcation of the post of Chairman and Managing Director (CMD).
At the annual general meeting held on Monday, shareholders approved alteration of the bank's Articles of Association in respect to the separation of the post of Chairman and CEO into a non-executive Chairman and a Managing Director, Axis Bank informed the Bombay Stock Exchange.
The split would be effective from June 1, 2009, instead of August 1, 2009, it said.
Sharma's appointment as the Managing Director and CEO by the board has been ratified by the shareholders.
Consequent to the approval of the shareholders, Sharma has taken over as the Managing Director and CEO of the bank with immediate effect, it said.
The sector's regulator RBI had last month cleared her appointment.
When contacted, Sharma said, "I am honoured that the board has entrusted me with the responsibility of leading Axis Bank and am delighted at the opportunity."
However, the appointment leads to the exit of P J Nayakas its Chairman and CEO. It is to be noted that the Nayak dissented the board's decision to appoint Sharma as the Managing Director and CEO.