Introduction

Chanda Kochhar is the former managing director and chief executive officer of ICICI Bank. She is one of India’s
financial icons who shaped the retail banking in India and the #32 in the Forbes list of 100 Most Powerful
Women in the World, as in 2017. Her journey from a Management Trainee to the Managing Director (MD)
and Chief Executive Officer (CEO) of ICICI Bank makes her a strong role model for women across the world.

Career

Chanda Kochhar didn’t take a lift to the top. She took the steps, humbly and steadily, always moving forward.
She started her career as a Management Trainee at ICICI in 1984 and climbed up the ladder to become the
Chief Executive Officer (CEO) in 2009.It was a row of tough times, but the way young Chanda Kochhar looked
at it tells us a different story. All her working life, she had taken up various challenging assignments where
she was responsible for setting up the new businesses of ICICI. However, she said, “I was clearly aware of the
size and enormity of the responsibilities, but I wouldn’t call it daunting. You have to focus on handling the
challenge rather than allowing the challenge to get the better of you.”

Chanda Kochhar was the proud employee #1 at ICICI Bank, who refused many lucrative job opportunities
from competitors.

Journey with ICICI Bank

Until 1993, ICICI (Industrial Credit and Investment Corporation of India) was a development financial
institution, offering only ‘project finance’. During this time, Chanda Kochhar was the head of ICICI’s western
regional office and one day she gave a presentation to K.V. Kamath, the man who played a key role in
building the future of ICICI. During the presentation, Chanda Kochhar told him that she had made a few
significant changes to the way the western office functioned. Contrary to the response she expected from
him, Kamath asked her, “Who did you ask before making the changes?” Chanda Kochhar said, “No one.”
Instead of getting mad at this, Mr. Kamath actually appreciated her for taking the initiative! A few days later
when ICICI was trying to set up a commercial bank, the then chairman of ICICI (1981–84), N. Vaghul, came
across Chanda Kochhar who was an Assistant General Manager in the institution. Knowing about her
proactiveness, he asked her to lead a team that decides the architecture of the bank.

Soon ICICI Bank stepped into Retail Banking (banking for individuals). Chanda Kochhar was promoted as the
head of retail operations, despite the fact that she was only experienced in corporate business. Surely, it was
a risky move. ICICI Bank’s half of the balance sheet and a larger portion of profits, was from corporate loans
at that time. Retail business accounted for less than one per cent. However, under Kochhar’s leadership, it
grew to 67% in just six years!! Chanda Kochhar never looked back. While she was the new MD & CEO of ICICI
Bank in 2009, the firm’s growth struggled and fell momentarily due to a series of high-profile exits. An
emerging firm like ICICI Bank couldn’t afford to tell the world that its growth was climbing down. However,
Chanda Kochhar boldly announced the situation, took it as a big opportunity to learn and kept moving
towards reaching new milestones

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Leadership style

Her straightforward style of leadership was evident even through hard times. She was a perfect example of
fearless leadership. A versatile personality, Chanda Kochhar considers the mark of a true leader to be leading
their team during times of crisis. It is these moments where one’s talent and abilities are put to the test and
only someone with true potential emerges from the challenge. In her eight-year journey as CEO of ICICI Bank,
Chanda Kochhar has broken every presumption, shut down her critics, and redefined what it takes to succeed
in the global financial sector, not just as a woman but as a leader. Of course, there have been a few stumbles
along the way, and changing mindsets and fighting gender bias is a slow and laborious process, but Chanda
kochhar let her results do the talking, taking every challenge as it comes. A true benchmark of hard work and
diligence, Chanda Kochhar’s journey so far relays what one can achieve if they put their mind to pursuing
their dreams. So take things in your own stride, and like she says, “take destiny into your own hands”.

Key takeaways from Chanda Kochhar’s Leadership Style

1. Nothing matches hands-on experience

Chanda is a big believer in having hands-on experience as it lets individuals test the execution of their
decisions and better understand the thought process involved. She strongly believes that even top
management needs to be involved with day-to-day operations of their organizations so as to keep track of
developments on-the-ground. At the same time, it is important not to slip into the trap of micro-
management and to give your employees the space they need to deliver their best. In Chanda’s words,
“Getting that mix right—thinking strategically and staying close to execution—is the essence of the CEO’s job.
You don’t want to micromanage every little thing and constrain the people on your team. But at the same
time, you can’t get so preoccupied with a vision or dream that you forget about your next big product launch
or technology initiative.”

2. Victory and success is in the details In today’s world

when change is a constant that often happens at a breakneck pace, an eye for detail is important to keep
In track with emerging and leading trends and track volatile development in different spheres of
business. At the same time, it is also important to keep a close eye on the little things within the
organisation, so as to recognise impending crises and head them off early. When Chanda took over ICICI,
the bank was known for an exuberant high-risk approach, and customers were wary of high-handed
behaviour from employees, experienced or otherwise. Chanda recognised the potential for trouble in this
scenario, and gradually took steps to turn things around, focusing on improved customer experience and
stability rather than high-risk investment and chasing growth.

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3. Not a battle of sexes, but of equals

Holding strong views on the equality of sexes, Chanda believes that her role as a leader is based on her
merit and capabilities, and not on her gender. She says women are on the same playing field as that of
men and advises aspiring women professionals to always aspire to challenge the status quo and demand
equal treatment.

4. Be a leader not a boss

Her leadership qualities are – Being a visionary, having self motivation and giving out an aura of
composure. Chanda communicates and allows others to share their opinions. She’s open to debates and
discussions. She promotes teamwork and at the same time leads like a true leader, confident and strong

5. Value your values

To her values are more important than dreams. Kocchar motivates others to dream and set a big
goal but never supports to compromise on values. Path towards goal must be followed with honesty,
commitment and hard work.

6. There’s always hope

Chanda Kochhar an eternal optimist and believes that we write our own destiny. Life was not easy
for her. After years of dedication and positivity, she finally achieved it. Trust and faith is all we need
to accomplish goals in life. It is in the darker times that we must never lose hope. So Be
Positive,Everyone!

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