Monday, April 20, 2009

New CEO for Axis Bank

Selection of a new CEO for Axis Bank makes interesting reading particularly because of the existing CEO's action and reaction.
Mr.P.J.Nayak, the present Chairman cum CEO was the lone dissenter in the Board Meeting against the recommendation favouring Ms.Shikha Sharma. He is supposed to have favoured an internal candidate who is presently an executive director. This part is understandable; one is entitled to one's opinions. But what he did soon after the Board's decision to recommend the name of Ms.Shikha Sharma does not add to his credit. He submitted his resignation from the Board to be accepted forthwith. Is he trying to show that he has immense faith in Axis Bank's employees and therefore there is no need to look outside. Or is he trying to avoid an outsider's objective focus on his decisions as Chairman cum CEO.
Another note-worthy development is thev likely appointment of Mr.K.N.Prithviraj as Chairman of Management Committee. His modest roots and incorruptible ways are an oasis in the desert of extravagance and corruption in the banking world.

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