Executive director of Axis Bank - Hemant Kaul has quit Axis Bank to join Bajaj Allianz General Insurance as CEO from December 1. His appointment is subject to IRDA's approval.

Mr. Kaul was associated with Axis Bank in various capacities since its inception. He was responsible for the development and expansion of its retail banking business to bring the bank to its current position.

Mr.Kaul was favoured by former MD and CEO PJ Nayak to succeed him, but the board was in favour of Shikha Sharma.

Recently, as part of a restructuring exercise, Kaul was put in charge of non-banking retail subsidiaries and his pervious portfolio, retail banking, was assigned to another executive director, SK Chakrabarti.

Bajaj Allianz General Insurance is a 74:26 JV between Bajaj Finserv Limited and Allianz AG.