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Axis Bank announced that Amitabh Chaudhry of HDFC Life will take over as the chief executive officer (CEO) and managing director (MD). Amitabh Chaudhry will begin his new role on January 1, 2019, for a three-year term. Amitabh Chaudhry who is currently the Managing Director of HDFC Life will be replacing Shikha Sharma.
Axis Bank said in a notification to exchanges, “We wish to inform you that the Board of Directors (the Board) of the Bank at its meeting held today has taken on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Amitabh Chaudhry as the Managing Director & CEO of the Bank, for a period of three years, with effect from 1st January 2019 up to 31st December 2021 (both days inclusive) and the terms and conditions relating to the said appointment, including remuneration.”
Axis Bank’s statement also said, “A meeting of the Board will be convened in due course to inter alia, approve the appointment of Shri Amitabh Chaudhry as an Additional Director of the Bank and as the Managing Director & CEO of the Bank” under the RBI rules.
HDFC Standard Life said in a separate notification to stock exchanges, “We wish to inform you that Amitabh Chaudhry, Managing Director & CEO of the Company, has tendered his resignation.” It also added that the company’s board will meet on 12 September to note the resignation and consider the appointment of a new MD & CEO.
