Supplement | HBS Case Collection | April 2014

Managing Change at Axis Bank (B)

by Paul Healy and Rachna Tahilyani


Axis Bank is India's third largest private sector bank. In April 2009, Shikha Sharma, an outsider was appointed as its CEO. She took over from a person who had overseen ten years of rapid growth at the bank. The selection of an outsider as the new CEO surprised many inside and outside the bank. Sharma changed the bank's hierarchical culture, strengthened the core team by appointing new talent where needed, sought to build its core processes and infrastructure, and filled several gaps in its business portfolio. Despite these changes, the stock market continues to undervalue Axis Bank compared with its chief rivals. In light of this, Axis Bank needs to figure out what more it needs to do to ensure that the market values the franchise correctly.

Keywords: Change Management; Transformation; Organizational Culture; Organizational Change and Adaptation; Leadership Style; Leading Change; Valuation; Finance; Banks and Banking; Financial Services Industry; Banking Industry; India;


Healy, Paul, and Rachna Tahilyani. "Managing Change at Axis Bank (B)." Harvard Business School Supplement 114-083, April 2014.