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Apr 21, 2009, 10.31 AM IST | Source: CNBC-TV18

Shikha Sharma new MD, CEO Axis Bank

Shikha Sharma has been named Axis Bank MD and CEO for a period of five years, reports CNBC-TV18. PJ Nayak, CEO, Axis Bank, dissented with Sharma's appointment and has resigned. The Axis Bank board was split 8:1 in favour of Shikha Sharma's appointment, sources said.

Shikha Sharma new MD, CEO Axis Bank

Shikha Sharma, who is currently MD and CEO of ICICI Pru Life Insurance, has been appointed MD and CEO of Axis Bank for five years. The decision was taken at the Axis Bank board meeting, with eight board members voting in her favour, and one against.

Axis Bank says PJ Nayak, the current Chairman and CEO of Axis Bank, dissented with the board's decision to appoint Shikha Sharma, and decided to step down. 

Also see: Re-jig at ICICI: Shikha Sharma, Renuka Ramnath to quit?

 

In an exclusive interview to CNBC-TV18, Sharma said Dr Naik has done a fantastic job of building the Axis Bank franchise. "I feel privileged to have the opportunity to lead this.”

On what strategy would she adopt in her new role, Sharma said she doesn’t want to go in with any pre-conceived notions. “My role is really to build on what’s being built so far, to work with the team in seeing what the next steps should be, and what we should be doing with Axis Bank. This is a great platform and there is opportunity to do a lot more, but it too early for me to paint out what that could be."

 

Here is a verbatim transcript of the exclusive interview with Shikha Sharma on CNBC-TV18. Also see the accompanying video.

Q: So, a long run process is finally over?

A: Yes it is. I am as surprised as you are, because I saw it in the news too. But yes I am delighted that the board has chosen me to take up this opportunity.

Q: Happy and a sad day? About 29 years with ICICI group, eight years building India’s largest insurance company, and now you are headed out of the group. How does it feel?

A: Very tough, because for 29 years I have lived ICICI, breathed ICICI, and whatever I have managed to do in my professional career is thanks to ICICI. So, I have to admit that I have got very mixed feelings right now. It is all very sudden, so I can’t even figure out what my feelings are. But yes it is going to be sad to leave the group. At the same time, I think the new opportunity is a great one. I feel very privileged that the board has chosen me to take this one up.

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Axis Bank stock price

On July 28, 2014, Axis Bank closed at Rs 395.70, down Rs 1.47, or 0.37 percent. The 52-week high of the share was Rs 2042.95 and the 52-week low was Rs 393.95.


The company's trailing 12-month (TTM) EPS was at Rs 137.32 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 2.88. The latest book value of the company is Rs 810.56 per share. At current value, the price-to-book value of the company is 0.49.

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