Mumbai, Apr 26: ICICI deputy managing director Lalita Gupte and executive director SH Bhojani were elevated to the posts of joint managing director and chief operating officer and deputy managing director, respectively, on Monday.KV Kamath continues to be the MD and CEO of the institution while N Vaghul the non-executive chariman.
The board of directors of ICICI at its meeting held in Mumbai on Monday approved the promotions of Gupte and Bhojani.
ICICI has decided to keep the post of executive director vacant as there cannot be more than four internal members on the ICICI board. The other two internal members are MD and CEO Kamath and chairman Vaghul. According to the expert advice given by consultancy firm McKinsey, Vaghul will be considered as an internal member on the board despite being a non-executive chairman.
SK Kaura was on the board of directors of ICICI since 1990 has put in his papers from the board effective from April 27, 1999. The other members on the ICICI board are chairman ICI Ltd Ashok Ganguly, chairman and managing director Industrial Developmenmt Bank of India GP Gupta, BK Jhawar, Rakesh Khurana, TR Prasad, TR Prasad, R Seshasayee, CM Vasudev. Ispat International chairman LN Mittal has recently joined the ICICI board.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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