CEO Negandhi resigns - internal memo

Bikaji Foods International

15/09/2023 16:16

(Changes sourcing in the headline, paragraph 1; adds
interim-MD, CEO appointment in paragraph 3)
    By M. Sriram
       NEW DELHI, Sept 15 (Reuters) - The co-CEO of Axis Bank's
 AXBK.NS  investment banking unit Axis Capital, Chirag Negandhi,
has resigned, according to an internal memo seen by Reuters on
Friday.
    The investment bank will likely tap an outside candidate for
Negandhi's role, two sources with direct knowledge of the matter
told Reuters. 
    Axis Capital named another co-Chief Executive Salil Pitale
as the interim managing director and CEO, as per the memo.      
   
    Negandhi spent more than 13 years at the Axis' investment
banking unit and would continue for three more months, the
source added. 
    His departure was communicated internally on Friday, the
first source said.
    Axis Capital, one of the country's biggest investment
banking firms, has been a part of some successful initial public
offerings over the past year, including Cyient DLM  CYIT.NS ,
Mankind Pharma  MNKI.NS  and Bikaji Foods  BIKA.NS .
    Axis Capital did not immediately respond to a Reuters
request for comment. Negandhi declined to comment.

 (Reporting by Sriram Mani; Writing by Tanvi Mehta and
Sethuraman NR; Editing by Shweta Agarwal)
 ((tanvi.mehta@thomsonreuters.com; https://twitter.com/TanviMehta710;))