MUMBAI: The board of India's third largest lender Axis Bank has begun the search for a new MD and CEO to succeed Shikha Sharma who may step down from her position once her term ends next year, two people aware with the development said. The board has hired executive search firm Egon Zehnder to find Sharma's successor whose term ends in June 2018.In an emailed response Axis Bank denied change at the corner office claiming it was premature. When her first term ended the board did not go through this process.In an earlier interview to ET, Sharma had said that the decision on her term extension would be taken by the bank’s board. For State Bank of India , this stands at 105% and for ICICI Bank , 206%But the bank has been under pressure after reporting poor earnings in consecutive quarters. On a year-on-year basis, it more than tripled from Rs 6,087.51 crore.The banks gross non-performing assets stood at Rs 1,318 crore at the end of March 2010.

Source: Economic Times July 14, 2017 16:17 UTC