Three top executives leave Axis Bank amid creditor management reorganization

High activity was observed in India's largest private banks at the end of the first quarter of the 2026-27 fiscal year. At 16:26, Axis Bank, the third-largest private sector lender, notified the stock exchanges of the departure of its Chief Financial Officer (CFO), Puneet Sharma, who submitted his resignation on Sunday to pursue his professional path.

Successive Executive Departures

A little over an hour later, another private lender, Bandhan Bank, informed the exchanges of the departure of its CFO, Rajiv Mantri, on Monday, as he decided to pursue a career growth opportunity at another company. These two departures of financial directors may be part of an industry-wide situation that can be compared to a game of 'musical chairs.'

Potential Appointments to Leadership Positions

It is believed that Sharma could be a candidate for the CFO position at HDFC Bank, India's largest private lender, as the term of the current head, Srinivasan Vaidyanathan, expires in October of this year. Vaidyanathan has been extending his role as CFO at HDFC Bank since 2023. As for Mantri, who previously served as CFO at Citi India and TransUnion CIBIL before joining Bandhan Bank, it is speculated that he will take Sharma's place at Axis.

Details of Departures and Board Decisions

Sharma left Axis Bank after more than six years with the bank and will be relieved of his duties by the business closure on August 31, 2026, and will cease to be a key management employee from that date. Mantri's last working day is set for September 25, 2026. In his resignation, Sharma noted that he had largely achieved the set goals. He wrote: 'When I took this position more than six years ago, my main task was to build a strong team with deep functional skills, reliable financial control, and reporting discipline, implement sound financial practices, build a sustainable balance sheet, and increase shareholder confidence. These goals have now been largely achieved.'

As of the time of publication, emails sent to Axis Bank and HDFC Bank have not received a response. It is worth noting separately that the Axis Bank board of directors approved the reappointment of independent director C. H. S. S. Mallikarjunarao for a second four-year term starting February 1, 2027, subject to shareholder approval. The reappointment of Munish Sharda as executive director for a three-year term starting February 27, 2027, was also approved, subject to approval by the Reserve Bank of India and shareholders.