Private lender, Axis Bank on Monday appointed Shikha Sharma as the new Managing Director (MD) and CEO of the bank.

The appointment was made in the bank's board meeting held on Monday, April 20th in spite of the bank's present Chairman and CEO, P J Nayak resentment. Nayak had backed Axis Bank's executive director Hemant Kaul for the CEO's role but the board overruled his recommendation and thereby Nayak told the directors that he would leave the bank forthwith, three months before the end of his term.

While Ms Sharma, who is currently heading as the MD and CEO of ICICI Prudential Life Insurance, is appointed by the bank for a period of five years. Asked about the development, Sharma said, "It is a great privilege. Axis Bank has a great customer franchise, a great business model and a great team. I hope to build on them."

Sharma was expected to resign her post as Axis Bank's search committee had approved her name as the next CEO. She will put in her papers on Tuesday April 21st at the board meeting of ICICI Prudential.

Meanwhile another employee at ICICI Group, Renuka Ramnath, MD and CEO of ICICI Venture, put in her papers on Monday. She quit the post with the aim to start her own private equity fund.

There was earlier information that both Ramnath and Sharma were expected to quit their positions.

These moves are likely to trigger a series of changes within the ICICI group. Ramnath's position is likely to be taken over by V Vaidyanathan, who is currently the executive director of ICICI Bank.