Future board meets today

To discuss Vaidyanathan’s joining

The Future Group has advanced its board meeting from August 5 to tomorrow to discuss the appointment details of V Vaidyanathan, who has stepped down as managing director and chief executive officer of ICICI Prudential Life Insurance. He is set to join as managing director of Future Capital Holdings (FCH), the financial services arm of the Future Group, according to sources.

Vaidyanathan is expected to be among the highest paid non-promoter chief executives in the country, a senior executive in the know has said.

After Kishore Biyani and Sameer Sain split FCH late last year, its executive director, Dhanpal Jhaveri, was made the interim MD. Sain continued as vice-chairman and Kishore Biyani, chairman, were directly overseeing operations. However, Jhaveri quit as MD a few months earlier, leaving the position vacant, said an executive.

FCH was carved into two separate lines of work, with the private equity business being spun off as Everstone Capital, which came under Sain. Other ventures such as insurance, retail financial services and wholesale credit were grouped under FCH.

FCH had brought in K K Rathi from the Motilal Oswal group as director.

“With Vaidynathan, who has enormous retail banking experience, Biyani’s earlier plans to set up hundreds of financial supermarkets on the lines of UK’s Tesco and the world’s largest retailer, Walmart, will get a boost,” said an executive, who did not want to be named.