Axis Capital Co-CEO Chirag Negandhi Resigns
Chirag Negandhi, the co-CEO of Axis Bank's investment banking unit, Axis Capital, has submitted his resignation, as revealed in an internal memo obtained by a media house on Friday.
Sources with direct knowledge of the matter indicate that Axis Capital is likely to consider external candidates to fill Negandhi's position.
In response to Negandhi's departure, Axis Capital has designated Salil Pitale, the other co-Chief Executive, as the interim Managing Director and CEO, as indicated in the memo.
Having devoted more than 13 years to Axis' investment banking division, Negandhi is expected to remain with the company for an additional three months.
His departure was internally communicated on Friday, according to the initial source.
Axis Capital, a prominent investment banking firm in the country, has been involved in several successful initial public offerings in the past year, including those of Cyient DLM, Mankind Pharma, and Bikaji Foods.
Axis Capital has not provided an immediate response to Reuters' request for comment, and Negandhi has declined to comment on the matter.
