Axis Bank extends Amitabh Chaudhry's CEO & MD term for 3 years

25 Apr 2024 , 01:03 PM

The Board of Axis Bank has granted approval for the extension of Amitabh Chaudhry’s tenure as Managing Director & CEO for an additional three years, spanning from January 1, 2025, to December 31, 2027.

This decision is subject to the requisite approvals from the Reserve Bank of India (RBI) and the members of the bank, as stipulated by applicable regulations.

Amitabh Chaudhry, aged 59, commenced his role as Managing Director & CEO at Axis Bank on January 1, 2019, subsequent to his distinguished leadership tenure at HDFC Standard Life Insurance Company Limited (HDFC Life), spanning over nine years.

Axis bank’s share saw a spike, where at the time of time the stock was trading at ₹1130.20 which is a 6.30% hike than the previous close. The stock has surged by more than 28.67% in the last one year and has gained 2.96% since the beginning of the year.

Prior to his tenure at HDFC Life, Chaudhry held significant positions at Infosys BPO and served as the Head of the testing unit at Infosys Technologies Limited.

The board has also approved the re-appointment of Meena Ganesh and Gopalaraman Padmanabhan as Independent Directors for a second term of four years each.

Meena Ganesh’s re-appointment tenure is set from August 1, 2024, to July 31, 2028, while Gopalaraman Padmanabhan’s re-appointment spans from October 28, 2024, to October 27, 2028. These re-appointments are contingent upon the approval of the bank’s members.

Originally known as UTI Bank (1993–2007), Axis Bank is a prominent Indian multinational banking and financial services entity headquartered in Mumbai, Maharashtra.

It holds the distinction of being India’s third-largest private sector bank based on assets and the fourth-largest concerning market capitalization. Axis Bank caters to a diverse clientele, offering a range of financial services tailored to meet the needs of large and mid-size corporations, small and medium enterprises (SMEs), and retail customers.

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