Axis Bank: The Succession Planning Fiasco
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Case Details:
Case Code : HROB122
Case Length : 26 pages
Period : 2004-2009
Pub Date : 2009
Teaching Note :Not Available
Organization : Axis Bank
Industry : Banking
Countries : India
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Excerpts Contd...
New Successor Amidst High Drama
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At a board meeting conducted on April 20, 2009, Sharma's name was proposed. Nayak was vehement in opposing the proposal. He was particularly displeased over the fact that all the three candidates being considered by the board, including Sharma, were outsiders...
Nayak's View
Nayak said that he had no regrets as he left the bank in a very strong position.
"It is a collective effort with an extremely strong set of business leaders within the bank; whether you look at Agarwal in corporate banking or Hemant Kaul in retail, everyone is working cohesively to ensure the bank's profitability. This is something the world outside does not recognize," he said...
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What Others Say
Industry 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 Ahead
On 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...
Exhibits
Exhibit I: A Brief Note on Reforms in the Indian Banking
Sector
Exhibit II: Shareholding Pattern
Exhibit III: UTI Bank - A Timeline
Exhibit IV: Axis Bank's Financial Performance
Exhibit V: A Brief Profile of P Jayendra Nayak
Exhibit VI: The UTI-GTB Bank Merger Issue
Exhibit VII: A Brief Note on Succession Planning
Exhibit VIII: A Brief Profile of Shikha Sharma
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