ICICI Bank : No Woman, No Cry

28 04 2009

ICICI Bank reported poor results for the Q4-2009. Its Q4 net profit declined by 35.29% to Rs 744 crore versus Rs 1,149.8 crore in the same period of last year.

The bad news at the ICICI Bank doesn’t stop there.

The well developed top team at ICICI Bank seems to be coming apart, as the current CEO, K.V.Kamath retires this April. By choosing Chanda Kochar as his successor, Mr Kamath seems to have set a cat among pigeons.

The two other contenders for the top-post were Shikha Sharma, MD of ICICI Pru-Life and Renuka Ramnath, the MD of ICICI Venture, the private equity arm of ICICI Group. Both of them are slated to leave the  ICICI Group. Ms. Sharma has already been appointed as the CMD of Axis Bank. Ms. Ramnath is rumored to be setting up her own PE firm. Visakha Mulye is tipped to be her successor.

The churn at ICICI has set me thinking about women managers. In a recent INSEAD study, it was reported that

The good news is that in a study of executives, women did better than men on several measures. The bad news is that women fell significantly behind in one key area: vision 

 Apart from the vision problem, it looks like women managers may have great difficulty in working for a woman boss, specially if they had been peers.

 – G. Mohan

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