Kannan appointed as ICICI Prudential's MD and CEO

Following Sandeep Bakhshi's appointment as ICICI Bank Chief Operating Officer on Monday, the private lender on Tuesday appointed N.S. Kannan as the Managing Director and Chief Executive Officer (CEO) of ICICI Prudential Life Insurance Company, "subject to regulatory and other approvals".

Kannan, an Executive Director at ICICI Bank succeeds Bakhshi, who was on Monday appointed as the Wholetime Director and Chief Operating Officer (COO) designate of ICICI Bank.

The top level management rejig comes after the Bank's MD and CEO Chanda Kochhar decided "to go on leave till the completion of the inquiry" which has been set up to investigate allegations of conflict of interest that have been levelled against her.

According to the firm, ICICI Bank Board recommended to the Board of Directors of ICICI Prudential Life Insurance Company to appoint Kannan as the Managing Director and Chief Executive Officer (CEO).

"The Board of Directors of ICICI Prudential Life Insurance Company Limited has appointed N.S. Kannan, Executive Director at ICICI Bank, as Managing Director and Chief Executive Officer of the company with effect from June 19, 2018, subject to approval of IRDAI and members of the company," the bank said in a statement.

"Pursuant to the aforesaid movement, we wish to inform that N.S. Kannan ceases to be the Executive Director of ICICI Bank Limited effective close of business hours on June 18, 2018."

--IANS

rv/ag/vm