India’s one of the leading investment banks Axis Capital has announced that its MD & CEO Dharmesh Mehta has resigned from his position.
The lender has also said that it elevated Salil Pitale and Chirag Negandhi as Joint Managing Directors and Co-Chief Executive Officer respectively.
Both the appointment will be functional with immediate effect, notified the bank in its official communiqué.
“Dharmesh Mehta, MD & CEO of Axis Capital today submitted his resignation, having decided to pursue other interests,” the company said.
In a meeting held on Tuesday, the board of Axis Capital accepted Mehta’s resignation.
“The Board has decided to elevate Salil Pitale and Chirag Negandhi as Joint Managing Directors & Co-Chief Executive Officer,” it said further.
The elevation, however, will be subject to requisite regulatory approvals, it added.
Both Pitale and Negandhi are currently serving as the Co-Head of Investment Banking at Axis Capital since 2016.
Pitale had been associated with Axis Capital and Axis Bank since 1999. During his regime, he has led several sector practices for the investment bank.
Negandhi is with Axis Capital since 2005.