ICICI rejigs brass as Mor exits

ICICI Bank today reshuffled its management as Nachiket Mor, an executive director, decided to quit.

The board, at its meeting today, promoted deputy managing director Chanda Kochhar as the joint managing director and chief financial officer (CFO) of the bank.

The incumbent Group CFO Vishakha Mulye has been made executive director of the bank's subsidiary, ICICI Lombard General Insurance.

Kochhar will now be responsible for the corporate centre and will be the official spokesperson for the bank, said the bank in a statement.

V Vaidyanathan, executive director, will take over the responsibility for rural banking from Mor. He will continue to hold his current responsibility for retail banking as well.

With Mor's exit, Sonjoy Chatterjee, presently managing director and chief executive officer of ICICI Bank UK plc has been appointed the executive director of ICICI Bank effective October 22, 2007.

This appointed is subject to approval of Reserve Bank of India (RBI) and other necessary approvals. He will take over responsibility for wholesale and international banking, the portfolios now held by Kochhar.

Mor was once seen as a strong contender to take over the reigns of the bank from managing director and chief executive officer, K V Kamath. There was talk for months now that Mor was quitting, particularly after the bank suffered huge losses due to the warehouse receipts fraud.

Mor will now head the ICICI Bank-promoted ICICI Foundation, which will work for inclusive growth. He would assume fulltime responsibility for ICICI Foundation's establishment and operations effective October 22.