Axis Capital CEO Dharmesh Mehta steps down; firm names replacements

Leading Investment Bank Axis Capital Tuesday said its MD & CEO Dharmesh Mehta has stepped down.

The bank also said it has elevated Salil Pitale and Chirag Negandhi as Joint Managing Directors and Co-Chief Executive Officer.

Pitale and Negandhi's appointment will be with immediate effect, the company said in a statement.

"Dharmesh Mehta, MD & CEO of Axis Capital today submitted his resignation, having decided to pursue other interests," the company said.

The Board of Axis Capital in a meeting held on Tuesday accepted Mehta's resignation.

It further said: "The Board has decided to elevate Salil Pitale and Chirag Negandhi as Joint Managing Directors & Co-Chief Executive Officer".

However, their elevation will be subject to requisite regulatory approvals, it added.

Both are currently Co-Head of Investment Banking at Axis Capital since 2016.

Pitale has been with Axis Capital and Axis Bank since 1999, and has led several sector practices for the investment bank. While, Negandhi is with Axis Capital since 2005.