PE,life insurance chiefs may quit ICICI group

The country's largest private-sector banking conglomerate,ICICI Bank,is in for a major top- management shake-up.

The country’s largest private-sector banking conglomerate,ICICI Bank,is in for a major top- management shake-up with two business heads — private equity arm’s Renuka Ramnath and life insurance unit’s Shikha Sharma — likely to put in their papers soon.

Ramnath,ICICI Ventures’ Managing Director and CEO,is believed to have expressed her intention to quit and might submit her resignation to the company’s board at a meeting to be held on Monday,April 20.

These developments come days ahead of Chanda Kochhar taking over as CEO and MD of ICICI Bank on May 1 from K V Kamath,who would then assume the role of a non-executive chairman.

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The two officials were reported to be in reckoning to succeed Kamath and ever since Kochhar’s appointment was announced in December 2008,there have been reports that some top executives of the group would quit.

Besides,ICICI Prudential Life Insurance’ MD & CEO Shikha Sharma is also said to be looking at resigning from the group and could put in her papers soon,sources said.

The ICICI Bank board is meeting on April 25,where it is expected to look at these resignations and potential replacements for the positions going vacant,they added.

When contacted,an ICICI Bank spokesperson said he would not comment on speculations,while the two top officials could not be reached for comments.