Chanda Kochhar to get Rs 36-lakh hike in salary

Tags: Bank, ICICI, Banking
The next chief executive officer (CEO) of ICICI Bank, Chanda Kochhar, is all set to get a Rs 36-lakh annual hike, while her predecessor K V Kamath would get a total salary of Rs 20 lakh a year after he becomes non-executive chairman in May.

As part of the proposed changes in its top management, ICICI Bank’s next chief executive officer and managing director (MD) would get a salary of up to Rs 13.5 lakh per month. At present she is drawing a salary of Rs 10.5 lakh

per month.

The bank's present CEO and MD K V Kamath would get a full-year salary of Rs 20 lakh, after he becomes non-executive chairman from May 1. Besides the salary, both Kamath and Kochhar are entitled to various other benefits.

In a notice to shareholders seeking their approval for the appointment and remuneration for Kochhar and Kamath in their new roles, the bank on Tuesday proposed that Kamath be paid a remuneration of Rs 20 lakh per annum as its non-executive chairman for a period of five years from May 1, 2009 to April 30, 2014.

The bank further proposed that Kochhar be appointed 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.

Kochhar’s term as joint MD and chief financial officer expires on March 31, which the bank has proposed to extend for a period of one month, at

the existing remuneration terms.

Meanwhile, the bank has 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.

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