The appointment of a search firm was in the interest of best governance, given that I would have done nine years with the bank in June 2018 and it does not preclude anything about whether I will do another term or not. You should wait to hear that announcement from the board at the appropriate time.”Sharma, who took charge in 2009, is in her third term as the bank chief. Recently the Axis Bank board had hired executive search firm Egon Zehnder to find a successor. But the board has not undergone a similar process the last two times Sharma’s term was up for renewal. The bank saw its profits contract by 16% in the June quarter and concerns that slippages outside the watch-list have increased despite past assurances from the management.

Source: Economic Times July 27, 2017 09:45 UTC