Mumbai, Dec 18: On Friday, Dec 18 the ICICI Bank board will meet to decide on the successor of K V Kamath, its present CEO and Managing Director. Sources say that its joint Managing Director and Group Chief Financial Officer Chanda Kochhar is expected to take over the position from Kamath after he demits office on April 30 next year. Kamath would take over as non-executive chairman of the bank in place of N Vaghul, they added.
Kamath started his career in 1971 at erstwhile ICICI, a domestic financial institution that founded ICICI Bank and merged with it in 2002. For a while he worked with Asian Development Bank. He returned to ICICI as its CEO in 1996. He was conferred Padma Bhushan, one of India;s top civilian honours in the same year. He is also the President of Confederation of Indian Industry at present.
Chanda Kochchar joined ICICI as a Management Trainee in 1984. She was deputed to ICICI bank in 1993 when it decided to move enter commercial banking. She was instrumental in setting up and scaling up the retail business for ICICI Bank. In 2001 April she took over as the Executive Director, heading the retail business in the ICICI Bank. In 2006, April she was appointed as Deputy Managing Director.
She is considered as one of the powerful business women across the world.
OneIndia News (With inputs from Agencies)