Leo Puri, the chief executive of UTI Asset Management Company, may likely exit from his post next week and an extension looks uncertain, reported The Economic Times.

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An extension of Leo's term looks unlikely particularly amidst the ongoing dispute between domestic shareholders and US financial services giant T Rowe Price, who controls 26 percent stake in the firm, the report said citing an unidentified person close to the development.

As per the report, the domestic shareholders, i.e. Life Insurance Corporation of India, Punjab National Bank, State Bank of India and Bank of Baroda are not in favour of giving him a second term.

It is expected that the search for a replacement will commence as soon as the board meeting is held, the report said.