ICICI seeks shareholders' nod for management changes

The country's top private sector lender ICICI Bank (ICICIBANK.NS : 754.95 +21.45) on Tuesday said it is seeking approval from its shareholders for the appointments of Chanda Kochhar as CEO and MD and K V Kamath as the non-executive Chairman from May 1.

The shareholders have been asked to vote on the proposals, which were approved by the board at the meeting on December 19, through postal ballot by February 11 and the results would be announced on February 13, the bank said in a notice to its shareholders.

As per the proposals, Kamath would replace N Vaghul as the bank's non-executive chairman, after he retires on completion of his current term on April 30.

Another proposal calls for extending Kochhar's term as Joint MD and Chief Financial Officer for a month from April 1 to April 30, and then appoint her as the bank's CEO and Managing Director in place of Kamath, from May 1, 2009 to March 31, 2014.

Kamath is being appointed the bank's non-executive chairman for five years from May 1, 2009 to April 30, 2014.

The bank has also sought the shareholders' approval for the remuneration and other benefits to be paid to Kamath and Kochhar in their new roles.