After serving a tenure of nine years, Axis Bank Managing Director (MD) and Chief Executive Officer (CEO) Shikha Sharma will be stepping down from her post on Dec 31, 2018.
Her current term was to end on May 31.
But the Board of Directors of Axis Bank, the third largest private sector lender, had on December extended her term by three more years, till May 2021.
India’s central banking institution, the Reserve Bank of India (RBI), expressed concern over reappointing Shikha Sharma for a fourth term, amid a rise in bad loans.
Days after, Axis Bank issued a statement saying Shikha Sharma has requested to shorten her term to Dec 31, showing “personal reasons”.
In a stock exchange filing, Axis Bank said: “Shikha Sharma, Managing Director & CEO of the Bank has requested the Board to reconsider the period of her re-appointment as the Managing Director & CEO of the Bank be revised from 1st June 2018 up to 31st December 2018.”
“The Board has accepted her request, subject to the approval of the RBI,” the Axis Bank added.
Here are 12 facts you need to know about Axis Bank MD and CEO Shikha Sharma:
1. Born on Nov 19, 1958, Shikha Sharma attended as many as seven schools across India, including Loreto Convent in Delhi, since her father was an Indian Army officer and was transferred several times.
2. She did BA (Honours) in Economics from the Lady Shri Ram College for Women (LSR) in Delhi and MBA from IIM Ahmedabad (IIM-A).
3. Shikha Sharma also has a post-graduate diploma in Software Technology from the National Centre for Software Technology in Mumbai.
4. Shikha Sharma has over three decades of experience in the financial sector.
5. She began her banking career by joining the ICICI Bank in 1980, where she spent a 29-year tenure.
6. She was instrumental in setting up several group businesses for the ICICI, including ICICI Securities, a joint venture between ICICI and J.P. Morgan.
7. It was under Shikha Sharma that ICICI Prudential Life Insurance Company became the number 1 private sector life insurance company in India.
8. Shikha Sharma was appointed as the MD and CEO of Axis Bank in 2009. Since her appointment, the bank’s stock has gained over 90%.
9. After 1.5 years of her appointment, Axis Bank acquired Enam Securities. The bank’s compounded annual net profit growth rate was above 20% in the three years ending 2014-15. (Read: How to open a bank account in India)
10. Shikha Sharma has two children – Tilak and Tvisha – from her marriage to her IIM-A batchmate Sanjaya Sharma.
11. She has won several awards in her career, including ‘Banker of the Year’ for 2014-15 by Business Standard, ‘India’s Best Woman CEO’ for 2013 by Business Today, Businesswoman of the Year at the Economic Times Awards, 2008, and ‘Woman Leader of the year’ for 2012 at Bloomberg – UTV Financial Leadership Awards.
12. She has been named in Forbes List of Asia’s 50 Power Business Women (2012), Indian Express Most Powerful Indians (2012), Finance Asia’s Top 20 Women in Finance (2011), Business Today ‘Hall of Fame’ (2011) and India Today Power List of 25 Most Influential Women (2012).
Pic: Axis Bank website
Sreya is based in Kolkata. She is a Senior Editor of Big Wire.