Shikha Sharma, the MD of ICICI Prudential Life Insurance, the largest private sector life insurance company, has been appointed as the new managing director and CEO of Axis Bank, the third largest private sector bank. Incidentally P J Nayak, Chairman & CEO of the bank has put in his papers after dissenting on the decision. He was keen on Hemant Kaul, one of the executive directors of the bank, succeeding him.

Ms Sharma has been appointed for a period of five year. The appointment will be subject to the approval of the RBI and the shareholders.
The move would also cause a series of changes in ICICI Bank.

V Vaidyanathan, who is currently the executive director of ICICI Bank, is likely to be appointed as the MD of the life insurance company. His position, sources said is likely to be taken over by Sandeep Bakhshi, MD & CEO, ICICI Lombard General Insurance. Bhargav Dasgupta, ED of ICICI Prudential Life Insurance, is likely to take over as the head of the general insurance company. A final decision will be taken when the bank board meets on April 25.