ICICI exec director,CFO to get Rs 1.2 cr each annually

ICICI's new Exec Director and CFO will each receive salaries in the range of Rs 36 lakh to Rs 1.2 crore per year.

Written by Agencies | Mumbai | Published:February 10, 2009 5:47 pm

Country’s largest private sector lender ICICI Bank’s newly appointed Executive Director and Chief Financial Officer,K Ramkumar and N S Kannan,will each receive salaries in the range of Rs 36 lakh to Rs 1.2 crore per year.

The salaries payable to the two wholetime directors – K Ramkumar (designated as executive director) and N S Kannan (executive director and Chief Financial Officer) — would be in the range of Rs 3 lakh to Rs 10 lakh per month,the Bank said in a notice to its shareholders,filed to the stock exchanges.

“The board or any committee thereof,in its absolute discretion and from time to time,will fix within the range stated above (Rs 3-10 lakh per month),the salary payable to the wholetime directors,” the filing stated.

Further,the perquisites for the two directors would include benefits of company’s furnished accommodation,use of car and telephone at residence or reimbursement of the expenses and other retirement benefits,it added.

However,in case bank-owned accommodation is not provided,the wholetime directors would be eligible for house rent allowance of Rs 1,00,000 per month and maintenance.

The executive director and CFO would receive bonuses for an amount equivalent to the maximum limit permitted under the RBI guidelines and based on performance parameters laid down by the board.

However,the bonus payment would be subject to necessary approvals.

Ramkumar has been appointed as executive director with effect from February 1,2009,in place of Madhabi Puri Buch,who has become the Managing Director and CEO of ICICI Securities.

Meanwhile,Kannan,presently executive director of ICICI Prudential Life Insurance Company,is designated as Executive Director and Chief Financial Officer of the Bank will assume charge from May 1,2009,the filing added.

Both appointments are for a period of five years and are subject to approval of the RBI and the shareholders.

Earlier,the bank had sought shareholders approval for appointment of Chanda Kochhar as its CEO and MD from May 1,2009,till March 31,2014,with a salary in the range of Rs 7-13.5 lakh.

Further,the bank had also proposed to the shareholders that K V Kamath be paid a remuneration of Rs 20 lakh per annum in his new role as ICICI Bank’s non-executive chairman for a period of five years from May 1,2009,to April 30,2014.

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