Axis Bank: The Succession Planning Fiasco |
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Excerpts Contd...New Successor Amidst High Drama
What Others SayIndustry observers were taken aback by the series of events at Axis Bank that led to the abrupt exit of Nayak. Many felt that this was due to a lack of advanced succession planning and blamed Nayak for the fiasco. They felt that his 'insider Vs outsider' argument wasn't convincing... The Road AheadOn June 1, 2009, Sharma took charge at Axis Bank as its CEO and MD. The same day, the shareholders of Axis Bank approved her appointment at the AGM in Ahmedabad. They also agreed to alter the Articles of Association in respect of splitting the posts of CMD into non-executive chairman and CEO and MD to be effective from June 1, 2009, as opposed to August 1, 2009... ExhibitsExhibit I: A Brief Note on Reforms in the Indian Banking
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