HDFC Bank names outgoing Axis Bank finance chief Puneet Sharma as CFO-designate

HDFC Bank on Monday appointed outgoing Axis Bank chief financial officer (CFO) Puneet Sharma as its CFO-designate, hours after Axis Bank announced his resignation, with Sharma set to take over as the private lender's finance chief from December 1.

In a separate stock exchange filing, HDFC Bank said Sharma will join as CFO-designate from September 1 and assume charge as chief financial officer from December 1. He will also become a key managerial personnel upon taking over the role.

Sharma will succeed incumbent CFO Srinivasan Vaidyanathan, who is set to retire later this year after reaching the bank's retirement age.

Axis Bank announces resignation

Earlier on Monday, Axis Bank said Sharma had resigned to pursue the "next phase" of his professional journey and would step down from the role at the close of business on August 31.

In his resignation letter addressed to Axis Bank managing director and CEO Amitabh Chaudhry, Sharma said his decision followed "careful contemplation" and was driven by his desire to "seek a fresh start with new challenges."

Reflecting on his tenure, Sharma said he was proud of the work undertaken to strengthen the bank's finance function.

"I leave with deep satisfaction in the achievements we made together, from strengthening our financial controls and reporting discipline, incorporating prudent financial practices, building resilience across the finance function and improving shareholder trust," he wrote.

"The disciplined foundation built has allowed us to navigate the complexities of acquisitions, scale operations at a high velocity, maintain robust treasury, and sustainably maintain financial prudence and policies of risk across stakeholders," Sharma added.

Calling the decision a difficult one, he said he remained committed to ensuring a smooth transition and thanked the bank's board, management and colleagues for their support during his tenure.

Axis Bank said it placed on record its appreciation for Sharma's contribution and wished him the very best in his future endeavours.

Veteran finance executive

According to HDFC Bank's filing, Sharma brings more than 26 years of experience across banking, financial services and strategy. 

Before joining Axis Bank, Sharma was CFO at Tata Capital, where he played a key role in strengthening the finance function, driving strategic initiatives and managing board and regulatory interactions. Earlier in his career, he held leadership positions at Citibank and The Boston Consulting Group.

A chartered accountant, Sharma is a postgraduate from the Indian School of Business, Hyderabad.

Separately, HDFC Bank also appointed former finance secretary and former chief election commissioner Rajiv Kumar as its part-time chairman, subject to RBI approval, and named former KKR India executive Jigar Shah as general counsel-designate.

Shares of Axis Bank ended Monday's session 0.67% lower at ₹1,368 apiece on the NSE. The stock has gained nearly 12% over the past year, outperforming the benchmark Nifty 50, which has declined more than 6% during the same period.

Meanwhile, HDFC Bank shares ended 0.09% higher at ₹797.05 apiece on the NSE on Monday. The stock has fallen more than 20% over the past year.