ICICI Bank?s managing director and CEO, KV Kamath shuffled his top level team with promotions and additional responsibilities?a possible blueprint of how the bank would be after his tenure comes to an end in 2009.
The announcement came in late Friday with Chanda Kochhar, deputy managing director, being elevated as joint managing director and chief financial officer of the bank with an additional charge for its corporate centre. She will also be the official spokesperson for ICICI Bank, according to a late evening press statement.
Nachiket Mor, deputy managing director, who was also seen as a contender for the top post, has vacated his position from the bank?s board. He will now head ICICI Foundation, a new entity set up by the bank for achieving inclusive growth. Vishakha Mulye, group CFO and executive director will now be the executive director at ICICI Lombard General Insurance.
The bank has promoted Sonjoy Chatterjee, currently managing director and CEO of ICICI Bank UK plc, as the bank?s executive director in India. The promotion is effective October 22 and subject to approval of Reserve Bank of India (RBI). He will be in charge of wholesale and international banking.
V Vaidyanathan, executive director, will take over responsibility for rural banking in addition to his current responsibility for retail banking.
On Mor?s new assignment, ICICI Bank said that he would move from his current responsibilities as board member to dedicate himself to this initiative as president of ICICI Foundation for inclusive growth. He will assume full-time responsibility for the ICICI Foundation?s establishment and operations going forward, effective October 22, 2007.
The ICICI Foundation will integrate, consolidate and scale up the ICICI group?s existing initiatives in the area of philanthropy and development, and expand into identified new areas, with the objective of catalysing and accelerating social and economic inclusion by bridging economic and human development gaps.
On Mulye?s induction to ICICI Lombard, the bank said the general insurance subsidiary, has achieved robust growth and market share and it was necessary to further strengthen the top management of this business in line with its growing scale.