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It has been a battle of sorts at the board meeting of Axis Bank, India's third largest private bank after ICICI Bank and HDFC Bank. Shikha Sharma (right) was selected as the next MD & CEO of Axis Bank even after the bank's current Chairman & CEO P J Nayak vociferously opposed the move. Nayak was rooting for Hemendra Kaul as the MD& CEO who is currently an executive director in charge of retail operations.

Nayak's opposition was voted down by the board - which included representatives of the government and other shareholders - 8:1. Nayak was the only one who opposed Sharma's appointment. Following the board's decision to anoint Sharma as Nayak's successor, the latter put in his papers immediately ending his tenure three amonths ahead of the retirement date. Nayak was to reitire only in July.

The board has recommended a five year term for Sharma who is currently the head of ICICI Prudential Life Insurance, the largest private sector life insurer in India. Sharma is expected to quit on Tuesday at the board meeting of the insurance company.

Axis Bank will now have two separate posts - a Non-Executive Chairman and MD& CEO. The board has approved the appointment of K N Prithviraj as the non-executive chairman, whose appointment will be approved by RBI and shareholders in the next few weeks.

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