Vaidyanathan quits ICICI Pru to join Future Capital

V Vaidyanathan, managing director and chief executive officer of ICICI Prudential Life Insurance, has resigned and will move to a new role in Future Capital, the financial services arm of the Kishore Biyani-led Future Group.

Sandeep Bakshi, deputy managing director of ICICI Bank, will shortly take over from him as head of the largest private sector insurance company.

“I am not in a position to say anything now,” Vaidyanathan said when reached on Friday. Vaidyanathan had taken over from Shikha Sharma, who left in July 2009.

Vaidyanathan, who is in his early 40s, had joined the ICICI group in 2000. He is now likely to look after the retail financial services of Future Capital, which has two other businesses — wholesale credit and investment advisory. Sources said Vaidyanathan’s new package will include a 10 per cent sweat equity option.

He was earlier responsible for retail banking after he became executive director of ICICI Bank in 2006. Prior to this, he had worked with Citibank.

Vaidyanathan is the latest in a series of high-profile exits from ICICI. In April, Sonjoy Chatterjee, wholetime director, resigned to join US-based Goldman Sachs Group Inc as managing director and co-CEO of its India operations. Rajeev Sabharwal, then senior general manager, was appointed in his position.

In July last year, Renuka Ramnath had quit the group to start her own venture capital fund — Multiples Asset Management — and Shikha Sharma left to join Axis Bank as MD and CEO after P J Nayak left. Ramnath was looking after the bank’s venture capital arm, ICICI Ventures, and was succeeded by Vishakha Mulye, who was then the executive director of ICICI Lombard.