There is likely to be a shuffle in the top brass of ICICI after the retirement of N Vaghul on April 30, 2009. Chanda Kochhar is most likely to be appointed as managing director and chief executive officer. Kochhar, who at present is holding the position of joint managing director and chief financial officer of the bank, will succeed KV Kamath, who will become the non-executive chairman.

KV Kamath, one of the most distinguished business personalities in India, played a huge role in ICICI's growth and it's positioning as one of the most successful private banks in Indian history. Kamath joined ICICI in 1971, straight out of business school. After a brief break for a stint at the ADB, Kamath rejoined the ICICI as CEO in 1996. After
12 years at the helm, Kamath will retire in March next year and he has said that he wants to pick a successor well in time to avoid any uncertainty at ICICI. Kochhar joined ICICI Ltd, a development financial institution in 1984 as a management trainee. In 1993, when ICICI Ltd decided to enter the commercial banking through a subsidiary, ICICI Bank, she moved to the bank as a part of the core team. She played an important role in the fast growth of the bank. A senior official said that she was instrumental in adopting a strategy to focus on the retail segment for fast growth. While others among the top management team have not been ruled out, if Kochhar does take over the mantle, a reshuffle among the senior management may follow.

Shikha Sharma, who currently heads ICICI prudential, may come back to the bank in a senior role and V Vaidyanathan, who has been the retail face of the bank may also see an expansion in his portfolio.