Ahead of Chanda Kochhar taking over as the new MD & CEO of ICICI Bank, the India’s largest private sector banking group has effected many other changes at the top level. V. Vaidyanathan, executive director, ICICI Bank, has been appointed MD & CEO of ICICI Prudential Life Insurance Company. He replaces Shikha Sharma, who is going as the MD & CEO of Axis Bank. She is stepping down on April 30, 2009.
Vaidyanathan will be replaced by Sandeep Bakhshi, MD & CEO, ICICI Lombard General Insurance Company (ICICI General). Bakshi is the new ED of ICICI Bank and he will be responsible for retail and rural banking. Bakshi, in turn, has been replaced by Bhargav Dasgupta, ED, ICICI Prudential Life Insurance.
All these appointments would be effective May 1, 2009 and be subject to necessary approvals.
Chanda Kochhar will take over as MD & CEO, ICICI Bank, from May 1. She has also been appointed non-executive chairperson of ICICI Life, ICICI General, ICICI Prudential Asset Management Company (ICICI AMC), ICICI Securities, ICICI Bank UK PLC and ICICI Bank Canada.
She will assume charge after the bank’s MD & CEO KV Kamath steps down on April 30, and assume office as non-executive chairman of the Board effective May 1, 2009. N Vaghul would retire as non-executive chairman of the bank as on April 30, 2009.