A meeting of the board of directors of ICICI Bank is being held on Friday amid speculation that choosing a successor to KV Kamath, the bank’s managing director and CEO, could be on the agenda.
Chanda Kochhar, the second largest bank’s Joint Managing Director and Chief Financial Officer, is seen by analysts as the clear frontrunner.
Kochhar is currently the operational head at the bank group.
Shikha Sharma, Managing Director of ICICI Prudential Life Insurance, was the only other serious competitor for the top executive slot at ICICI Bank.
“Kochhar has a clear advantage. (She) was made joint managing director and the functions of a CFO were combined with her responsibilities for an obvious reason – to place her in the chief executive’s position,” said an analyst with a foreign brokerage.
Kamath retires at the end of March, 2009 and could replace N Vaghul as the non-executive chairman of the bank. Vaghul’s term ends in February, 2009.