Shikha Sharma to stay at ICICI

ICICI Prudential Life Insurance Managing Director and Chief Executive Officer Shikha Sharma today put to an end to speculation that she was leaving the ICICI group.

She said that she was not looking at opportunities outside the financial conglomerate. She, however, did not say whether she would stay at ICICI Prudential or move to some other group company or to the bank in a new role.

Sharma, who has been at the helm of affairs since the country’s largest private life insurance started operations over eight years ago, told reporters on the sidelines of TIE Stree Shakti press conference that reports of her exit were just rumours.

After Chanda Kochhar’s elevation to the post of ICICI Bank Managing Director and CEO was approved by the board, there were reports that Sharma and ICICI Ventures Managing Director and CEO Renuka Ramnath were leaving the group.

Sources had also said that Sharma would be moving to a private equity player and was also seen as a likely successor to P J Nayak, who has identified his decision to step down as the chairman and CEO of Axis Bank, the country’s third largest private sector lender, when his term comes to an end in July.

Axis Bank is looking for a non-executive chairman as a also a managing director and CEO. But with today’s statement, Sharma has ended all speculation.

With Kocchar due to take up her new assignment on May 1, the bank has already appointed N S Kanan, executive director at ICICI Prudential Life Insurance as the new chief finance officer of the bank.