Nayak to step down as Axis chairman

P J Nayak will step down as Axis Bank’s chairman & CEO from August after a nine-and-a-half years stint with the the bank. Nayak’s term is due to end in July 2009.

Nayak, 60, is a former bureaucrat and was the executive trustee at the erstwhile Unit Trust of India, the promoter of Axis Bank. The bank was earlier called UTI Bank.

The move is partly necessitated by the Reserve Bank of India’s insistence to split the post of chairman and managing director. The central bank is keen on having non-executive chairmen at private banks.