India's largest private equity fund player, ICICI Venture's MD and CEO Renuka Ramnath decides to quit the firm and is likely to put in her papers in the board meeting scheduled for April 20th.
Ramnath had been the chief of the company since 2001 and it is believed that she has explained her decision of quitting the post to the senior officials of ICICI Bank. Sources claim that Ramnath is leaving the job in order to start her own fund along with a couple of other colleagues from ICICI Venture. However an ICICI Bank spokesperson said, "We do not comment on speculation."
Also there are chances that there would be another change at a senior level of the ICICI Group. ICICI Prudential Life Insurance's MD, Shikha Sharma is also expected to resign and join Axis Bank as the new CEO. The expectation is made at the back of Axis Bank's search committee approving Ms Sharma's name as the next CEO.
Axis Bank is going to consider the appointment for the posts of MD and Chairman on its board meeting on April 20th. Presently the bank has a single post of Chairman and CEO that is held by PJ Nayak but the bank will split the position into MD and non-executive Chairman after the end of Nayak's term in July. Splitting of the post is been done on the RBI's command.
The exit from these high profile positions is expected to bring about other changes in ICICI Group. There is information that Executive Director of the group's general insurance JV ICICI Lombard, Vishakha Mulye may take over Ramnath's position. Further the Executive Director of ICICI Bank in charge of retail and SME banking, V Vaidyanathan may be the next MD of ICICI Prudential Life Insurance.
Meanwhile Vaidyanathan's position is expected to be given to Sandeep Bakhshi, MD and CEO of ICICI Lombard while Bakhshi's post will be taken over by Bhargav Dasgupta, Executive Director of ICICI Prudential.
However the final decision regarding the appointments will be taken by the board only after Ms Ramnath and Ms Sharma put in their papers.
There is also a buzz that the decision of Ramnath and Sharma to quit their after serving for a long time has been influenced by the board's move to appoint Chanda Kochhar as CEO of ICICI Bank.
Kochhar will take over the charge from KV Kamath who is presently holding the post on May 1st. Kamath is going to continue with the bank as its non-executive chairman.