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Axis Bank said to appoint search firm Egon Zehnder to find new CEO

LiveMint logoLiveMint 14-07-2017 George Smith Alexander

Mumbai: Axis Bank Ltd., India’s third-largest private sector bank, has appointed headhunters to start the search for a new chief executive officer to succeed Shikha Sharma, who is set to step down next year, people familiar with the matter said.

Executive search firm Egon Zehnder has been selected by the Axis Bank board to identify a new CEO, one of the people said, asking not to be named as the information is private. On the bank’s side, the process is being led by Prasad Menon, an independent director who is also chairman of the Axis Bank nomination committee, the people said.

Spokespeople for Axis Bank and Egon Zehnder didn’t immediately respond to requests for comment.

The Mumbai-based bank had been battling a surge in soured debt that lead to a slump in profits for five straight quarters through 31 March, exchange filings show. In April, the bank’s chief financial officer Jairam Sridharan expressed confidence that the worst of the bank’s bad loan issues are over.

Axis is seeking to finalize the choice of a new CEO by December, according to the people. They said it’s still possible that Sharma, who was named to head the bank in April 2009, might get an extension to her term, which ends in June. Bloomberg

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