ICICI Bank seeks shareholders’ nod for top management changes

ICICI Bank seeks shareholders’ nod for top management changes
PTI
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First Published: Tue, Jan 06 2009. 02 01 PM IST
Updated: Tue, Jan 06 2009. 02 01 PM IST
Mumbai: The country’s top private sector lender ICICI Bank on Tuesday said it is seeking approval from its shareholders for the appointments of Chanda Kochhar as CEO and MD and K V Kamath as the non-executive chairman from 1 May.
The shareholders have been asked to vote on the proposals, which were approved by the board at the meeting on 19 December, through postal ballot by 11 February and the results would be announced on 13 February, the bank said in a notice to its shareholders.
As per the proposals, Kamath would replace N Vaghul as the bank’s non-executive chairman, after he retires on completion of his current term on 30 April.
Another proposal calls for extending Kochhar’s term as Joint MD and chief financial officer for a month from 1 April to 30 April, and then appoint her as the bank’s CEO and managing director in place of Kamath, from 1 May, 2009 to 31 March, 2014.
Kamath is being appointed the bank’s non-executive chairman for five years from 1 May, 2009 to 30 April, 2014.
The bank has also sought the shareholders’ approval for the remuneration and other benefits to be paid to Kamath and Kochhar in their new roles.
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First Published: Tue, Jan 06 2009. 02 01 PM IST