Substantiating the December 2008 reports that some top-rung executives of ICICI Bank may quit after Chanda Kochhar's appointment as the new CEO and MD, two business chiefs - Renuka Ramnath ICICI Ventures' Managing Director and CEO; and Shikha Sharma, Managing Director of ICICI Prudential Life Insurance - are likely to put in their papers, sooner than later.

The news of the two executives likely to quit the country's biggest private-sector banking firm come days ahead of Kochhar taking over the reins of the ICICI Bank from K V Kamath on May 1. Both Ramnath and Sharma were reported to be under consideration as successors to Kamath, who will assume the role of a non-executive chairman.
Though Ramnath officially put off a question by VCCircle about her impending resignation saying "Not yet," she has communicated her decision to her colleagues and ICICI Bank officials.

According to earlier reports by NDTV Profit, the 48-year old Ramnath - an ICICI veteran, who is referred to as the 'mother' of Indian private equity - may set up her own private equity fund after quitting ICICI Bank. It is also possible that she may join Kohlberg Kravis Roberts & Co, which recently set up India shop.

Meanwhile, Sharma is being considered the most high-profile contender for a top job at Axis Bank, whose current chief PJ Nayak will retire soon.