Board of Directors of ICICI Bank has decided to appoint Mr. K. V. Kamath, presently Managing Director & CEO, as non-executive Chairman of the Board for a period of five years effective May 1, 2009 replacing Mr. N. Vaghul who will retire on April 30. Mr. Kamath’s current term as MD & CEO is also going to expire on the same date.

 

The BoD has also decided to appoint Ms. Chanda D. Kochhar, presently Joint Managing Director & Chief Financial Officer, as Managing Director & CEO of ICICI Bank from May 1, 2009 to March 31, 2014. However, these decisions are subject to the approval of RBI and the shareholders.

 

Ms. Chanda Kochhar joined erstwhile ICICI Limited (ICICI) in 1984 and was elevated to the Board of Directors of ICICI Bank in 2001. She was instrumental in establishing ICICI Bank during the 1990s. Since 2007, she has been heading the Corporate Centre, responsible for ensuring strategic consistency across the Group.

 

The Board expressed the view that Mr. Kamath’s experience and expertise would prove invaluable to the Board in maintaining continuity in strategic leadership and governance and providing guidance to the executive management. The Board also expressed the view that Ms. Kochhar’s deep experience across the Bank’s businesses and functions would be invaluable in providing stability while at the same time charting the Bank’s future strategic course in the emerging global environment.