Axis Capital Names Co-CEOs As Dharmesh Mehta Resigns

Axis Capital Ltd.’s Chief Executive Officer and Managing Director Dharmesh Mehta quit to “pursue other interests”.

The board elevated Salil Pitale and Chirag Negandhi as joint-MDs and co-CEOs with immediate effect, subject to approval from the regulator, according to its statement.

Mehta went on a sabbatical after he, in his personal capacity, had submitted a bid to acquire a competing business – the brokerage and investment banking division of IDFC Bank, according to media reports.

The new co-CEOs were the co-heads of investment banking. Pitale has been part of Axis Bank and Axis Capital since 1999. Negandhi, in his 13-year tenure, has also served as the co-head of equity research.