Private sector lender Axis Bank said it has appointed Sanjiv Misra as independent director and non-executive chairman for five years.
It is for the first time, the chairman is being appointment by the bank and not nominated by SUUTI (Specified Undertaking of the UTI) which has more than 11 per cent stake in Axis Bank. This follows a change made in the Articles of Association (AoA) of the bank.
“Dr. Misra was earlier the SUUTI nominee on the board as Non-Executive Chairman for three years till 11th May 2016. The right of SUUTI to appoint the chairman of the bank, under the old Article 89 (1) of the AOA was rescinded, with effect from 10th May 2016, post amendment of the Articles of Association of the Bank,” the bank said. Mr. Misra had resigned as the Non-Executive Chairman of the Bank (as SUUTI nominee). He is appointed as Non-Executive Chairman and Independent Director with effect from May 12, 2016.
The bank also elevated Rajesh Dahiya and Rajiv Anand as executive directors. They will be on the board of the bank.
Mr. Rajiv Anand is the head retail banking while Mr. Rajesh Dahiya is the head of corporate centre at Axis Bank.
“Rajesh’s and Rajiv’s elevation to the board is recognition of their contribution to the bank’s growth and the all-round leadership provided by them. They will be actively involved in the bank’s overall strategy and will have the specific responsibility for key corporate and retail banking functions of the bank,” said Shikha Sharma, Managing Director and CEO, Axis Bank.
