Mumbai: ICICI Bank board will meet here on Friday and is likely to decide on the successor of KV Kamath, its CEO and managing director.
The bank’s joint managing director and group chief financial officer Chanda Kochhar is expected to take over the mantle from Kamath after he demits office on 30 April next year, sources said.
Kamath would take over as non-executive chairman of the bank in place of N Vaghul, they added. A bank spokesperson declined to comment on the issue.
Kamath had started his career in 1971 at erstwhile ICICI, a domestic financial institution that founded ICICI Bank and merged with it in 2002.
After a stint with the Asian Development Bank, Kamath returned to ICICI as its CEO in 1996. This same year he was conferred with Padma Bhushan, one of the country’s top civilian honours.
Kamath, now also the president of the Confederation of Indian Industry (CII), is a member of the boards of the Indian Institute of Management, Ahmedabad, and the Manipal University.
Kochhar had joined the erstwhile ICICI as a Management Trainee in 1984. When ICICI decided in 1993 to enter the commercial banking, she was deputed to ICICI Bank as a part of the core team to set up the bank.
Kochhar was instrumental in setting up and scaling up the retail business for ICICI Bank. In April 2001, she took over as the executive director, heading the retail business in the ICICI Bank. In April 2006, she was appointed as deputy managing director.
She has often featured in the Fortune magazine’s annual lists of most powerful business women across the world.