ICICI Bank has announced that N Vaghul, non executive chairman of the board of directors of ICCI Bank would retire from the board on completion of his current term on 30 April 2009. The board has, subject to the approval of the Reserve Bank Of India and the shareholders, decided to appoint K V Kamath, presently managing director and CEO as non-executive chairman of the board for a period of five years effective 01 May 2009. Kamath's current term as managing director and CEO would end on 30 April 2009 and he has expressed his desire to lay down its executive responsibilities from that date.
The board of directors has, subject to the approval of RBI and the shareholders decided to appoint Chandra D Kochhar, presently joint managing director and chief financial officer as managing director and CEO of ICICI Bank from 01 May 2009 to 31 March 2014. Chanda Kochhar joined erstwhile ICICI in 1984 and was elevated to the board of directors of ICICI Bank in 2001.
The company made this announcement during the trading hours today, 19 December 2008.
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