Axis Bank to finally split chairman,CEO posts

Axis Bank will finally be splitting the posts of chairman and managing director. It would have a non-executive chairman in addition to a managing director after the present CMD P J Nayak retires in September. To conform to the requirements laid down by the RBI,the post of chairman and chief executive officer of the Bank be separated into non-executive chairman and managing director with effect from August 1,2009, the bank said in a filing to the BSE. Meanwhile,the bank reported a 63.24 per cent surge in net profit at Rs 500.86 crore for the third quarter ended December 31,2008. Total income rose 62.43 per cent to Rs 3,716.94 crore in the quarter,from Rs 2,290.24 crore in the same period previous fiscal.