Kochhar set to succeed Kamath at ICICI Bank
The country s second-largest bank, ICICI Bank (ICICIBANK.NS : 472 0
),
is poised to see a change of guard after 12 years. The bank s board is
slated to meet on Friday to name the joint managing director and chief
financial officer, Chanda Kochhar, as the successor to KV Kamath. In
turn, 62-year-old Kamath, who is now managing director and chief
executive officer, will be appointed as the non-executive chairman of
the bank. The bank, which has been looking for a successor to Kamath
for a year now has finally closed in on Kochhar, as Shikha Sharma,
another contender for the top post and currently chief executive
officer and managing director of ICICI Prudential Life Insurance, has
opted out of the race. FE has learnt that Sharma, who has been heading
ICICI Pru for the last eight years, has already informed the bank about
her decision not to return to it. A source privy to the development
said Kochhar, 47, will assume charge from Kamath after he demits office
on April 30 next year. The board will also announce who will replace
Kochhar in the current post. In another development, N Vaghul, current
chairman, would retire from the bank after more than two decades of
service. Kamath has been the MD and CEO of the bank from 2002. Though
earlier it was speculated that Kamath might continue for another year
to tackle the crisis the bank has faced in recent times, sources in the
bank said such a development is unlikely since Kamath himself is keen
to hand over the charge to a new person. Kochhar had joined the
erstwhile ICICI as a management trainee in 1984. In April 2001, she
took over as executive director of ICICI Bank, heading the retail
business. She was part of the core team when ICICI decided in 1993 to
enter commercial banking. She was also instrumental in setting up and
scaling up the retail business of ICICI Bank. In fact, Kamath, an
engineer with a management degree from the Indian Institute of
Management (Ahemedabad), had started his career in 1971 with the
erstwhile ICICI that merged with its own entity, ICICI Bank, in 2002.
Kamath is also the president of the Confederation of Indian Industry.
),
is poised to see a change of guard after 12 years. The bank s board is
slated to meet on Friday to name the joint managing director and chief
financial officer, Chanda Kochhar, as the successor to KV Kamath. In
turn, 62-year-old Kamath, who is now managing director and chief
executive officer, will be appointed as the non-executive chairman of
the bank. The bank, which has been looking for a successor to Kamath
for a year now has finally closed in on Kochhar, as Shikha Sharma,
another contender for the top post and currently chief executive
officer and managing director of ICICI Prudential Life Insurance, has
opted out of the race. FE has learnt that Sharma, who has been heading
ICICI Pru for the last eight years, has already informed the bank about
her decision not to return to it. A source privy to the development
said Kochhar, 47, will assume charge from Kamath after he demits office
on April 30 next year. The board will also announce who will replace
Kochhar in the current post. In another development, N Vaghul, current
chairman, would retire from the bank after more than two decades of
service. Kamath has been the MD and CEO of the bank from 2002. Though
earlier it was speculated that Kamath might continue for another year
to tackle the crisis the bank has faced in recent times, sources in the
bank said such a development is unlikely since Kamath himself is keen
to hand over the charge to a new person. Kochhar had joined the
erstwhile ICICI as a management trainee in 1984. In April 2001, she
took over as executive director of ICICI Bank, heading the retail
business. She was part of the core team when ICICI decided in 1993 to
enter commercial banking. She was also instrumental in setting up and
scaling up the retail business of ICICI Bank. In fact, Kamath, an
engineer with a management degree from the Indian Institute of
Management (Ahemedabad), had started his career in 1971 with the
erstwhile ICICI that merged with its own entity, ICICI Bank, in 2002.
Kamath is also the president of the Confederation of Indian Industry.|
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