Renuka Ramnath quits ICICI Venture; insurance arms may get new heads.

The stage is set for a top-deck reshuffle at ICICI Bank subsidiaries, with ICICI Venture (I-Venture) Managing Director and CEO Renuka Ramnath putting in her papers after working at the group for over 20 years.

Her resignation comes barely a fortnight before Chanda Kochhar takes over as the managing director and CEO. “There have been issues over reporting structure,” said a person familiar with the development.

It was not known who would replace Ramnath at I-Venture, though Vishaka Mulye, executive director of ICICI Lombard General Insurance, is a likley candidate.

ICICI Prudential Life Insurance Managing Director and CEO Shikha Sharma is also said to be expected to move to Axis Bank, which is scouting for a successor for P J Nayak, whose term ends in July. Though Sharma has denied reports of moving out of the group, a source at ICICI Bank said that V Vaidyanathan, who is the bank’s executive director in-charge of retail operations, would take over from Sharma.

The reshuffle is also expected to see ICICI Lombard General Insurance Managing Director and CEO Sandeep Bakshi getting a berth on the bank’s board as deputy managing director.

ICICI Prudential Executive Director Bhargava Dasgupta is seen as the frontrunner to replace Bakshi.

When contacted, an ICICI Bank spokesperson said, “We do not comment on speculation.”

With another ICICI Prudential Executive Director NS Kannan also due to take over as the chief financial officer (CFO) of the bank once Kochhar is elevated, the general as well as the life insurance companies would have a new team at the helm. As part of the reshuffle, ICICI Bank has already appointed Madhabi Puri Buch as the managing director & CEO of ICICI Securities.

The bank has already revamped its team with Vijay Chandok appointed as the head of retail assets, while Maninder Juneja would be the new head of retail liabilities.
 

Ramnath, 48, took over at I-Venture in 2001 and changed the firm from a pure-play private equity fund to a full-fledged asset management company. In 2003, the firm had $50 million assets under management. That number has grown to $2.4 billion.

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