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ICICI CEO-designate Kochhar to get Rs 36-lakh hike

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    • Agencies Tags : banking, icici ceo, annual hike Posted: Tuesday , Jan 06, 2009 at 1627 hrs Mumbai:
    Chanda Kochhar
    The bank's current CEO and MD K V Kamath would get a full-year salary of Rs 20 lakh.

    ICICI Bank's CEO-designate Chanda Kochhar is all set to get a Rs 36-lakh annual hike, while her predecessor K V Kamath would get a total salary of Rs 20 lakh a year after he becomes non-executive Chairman in May.

    As part of the proposed changes in its top management, ICICI Bank's next CEO and Managing Director would get a salary of up to Rs 13.5 lakh per month -- from up to Rs 10.5 lakh per month currently.

    At the same time, the bank's current CEO and MD K V Kamath would get a full-year salary of Rs 20 lakh, after he becomes non-executive chairman from May 1.

    Currently, the bank has fixed Kochhar's monthly salary as its Joint MD and Chief Financial Officer at up to Rs 10.5 lakh, giving her a pay hike of Rs three lakh per month, or Rs 36 lakh per annum.

    Besides the salary, both Kamath and Kochhar are entitled to various other benefits.

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    In a notice to shareholders seeking their approval for the appointment and remuneration for Kochhar and Kamath in their new roles, the bank on Tuesday proposed that Kamath be paid a remuneration of Rs 20 lakh per annum as its non-executive chairman for a period of five years from May 1, 2009 to April 30, 2014.

    The bank further proposed that Kochhar be appointed as its CEO and MD from May 1, 2009 till March 31, 2014, with a salary in the range of Rs 7-13.5 lakh.

    Currently, as the bank's Joint MD and CFO, Kochhar's salary is fixed in the range of Rs 4-10.5 lakh.

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    USeless bankBy: hambir | 07-Jan-2009 Reply | Forward One of the most useless bank in INdia Today. They are just robbin gthe comman people , who are illiterate by giving them vehicle loans, and asking them to open account with icici bank. This tactit is only used to collect bouncing charges and increase banks revenue.
    Executive SalaryBy: K VITTAL SHETTY | 07-Jan-2009 Reply | Forward Is it not time to have SAY ON PAY by the shareholders as is being demanded by the President Elect of US, Barrack Obama. We always compare the performance of the private sector banks with that of the public sector banks. So why cant we say that the private sector pay should be not more than 100% of the public sector banks. In that case how much Ms Kocchar will be paid.Let us also compare how much the largest bank of the country is paying its top executive. Should it not be some resembelence of the total business of its peer groups. Why this profit be shared with the shareholders rather than only with the exectives. Let it also be shared with its clients by reduction of interest on credits and higher interest for the depositors.It is high time some restrictions on executive salary is clamped
    hike interest rates and hike Salary of CEOsBy: s ramji | 07-Jan-2009 Reply | Forward When it comes to reducing interest rates even after RBI has reduced the repo rates and CRR SLR,ICICI and HDFC have just reduced interest rates by just 50 basis points and that too after a long gap after RBI reducing the rates. Cant the bank restrain from increasing the PERKS in Crores of ruppes till the Customers get the benefit in interest rates. Is it that they want to pay more to these executives as they are afraid the bank will soon go bankrupt as NPA s will increase on account of heavy interest burden and the executives will be left with nothing to take
    Shameless bankers!By: Bhanu.A | 06-Jan-2009 Reply | Forward When an average Indian earns less than Rs.70 per day it is shameless for ICICI Bank to pay such ridiculous salaries. Indians are losing jobs
    Whose money is it anyway?By: Bhanu.A | 06-Jan-2009 Reply | Forward ICICI Bank paying Rs13.5lakhs to its CEO
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