Axis Capital Ltd.'s Chief Executive Officer and Managing Director Dharmesh Mehta quit to “pursue other interests”.
The board elevated Salil Pitale and Chirag Negandhi as joint-MDs and co-CEOs with immediate effect, subject to approval from the regulator, according to its statement.
Mehta went on a sabbatical after he, in his personal capacity, had submitted a bid to acquire a competing business – the brokerage and investment banking division of IDFC Bank, according to media reports.
The new co-CEOs were the co-heads of investment banking. Pitale has been part of Axis Bank and Axis Capital since 1999. Negandhi, in his 13-year tenure, has also served as the co-head of equity research.
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