Leader Profile

Name: Chanda Kochhar

Born: November 17, 1996

Home Town: Jodhpur

Known For: Executive ICICI Bank

Spouse: Deepak Kochhar

Education: Jamnalal Bajaj Institute of Management Studies, Mumbai

Introduction

Chanda Kochhar is a philanthropist and humanitarian who is deeply concerned

about the state of the world, for which she has great compassion and idealism.
She has a utopian personality and will spend her life trying to realize some
aspect of her utopian dream, sacrificing money, time, and energy for a better
world.

Her broad outlook on life allows Kochhar to see the big picture, and to often shy
away from dealing with the minute details. That is why Chanda Kochhar
attracted people who can fit into her larger plans and take over the areas she
considered uninteresting. Those who know Chanda closely recall her as ‘she
evaluates people based on what they can do for the larger cause. She is a true
egalitarian, rarely prejudiced and would not accept social biases of people.’

In 1984, Chanda began her career with ICICI as a Management trainee. In her
early years in ICICI, she handled Project Appraisal and Monitoring and projects
in various industries like Petrochemicals, Textile, Paper, and Cement. She was
elevated to the post of Assistant General Manager in 1994 and Deputy General
Manager in 1996. From 1998 to 2008 she held several posts including General
Manager, Executive Director, Deputy Managing Director (2006), Chief
Financial Officer, Joint Managing Director, and the official spokesperson.
In May 2009, Chanda became the CEO and MD of ICICI Bank for five years.
Under her able leadership, the Bank has won several prestigious awards
including the “Best Retail Bank in India” award in 2001, 2003, 2004, and 2005
and the “Excellence in Retail Banking Award” in 2002; both awards were given
by The Asian Banker. Kochhar herself was awarded the “Retail Banker of the
Year 2004 (Asia-Pacific region)” by The Asian Banker, “Business Woman of
the Year 2005” by The Economic Times, and “Rising Star Award” for Global
Awards 2006 by Retail Banker International.

She also won the Padma Bhushan award. In 2009, she landed the number 20
spot in the Forbes World’s 100 Most Powerful Women list. She was the first to
try the strategy of moving from corporate banking to retail banking about ten
years ago.

Early Life

Chanda Kochhar was born on 17 November 1961, in Jodhpur, Rajasthan. Even

though her birthplace is Jodhpur, she was raised in Jaipur, Rajasthan. She
attended St. Angela Sophia School in Jaipur. Later, she moved to Mumbai and
joined Jai Hind College to complete her bachelor’s degree. In 1982, she
graduated and studied cost accountancy from the Institute of Cost Accounts of
India. She was an excellent student and she received the J. N. Bose Gold Medal
in Cost Accountancy for scoring the highest marks.
Thereafter completed a master’s degree in management studies from Jamnalal
Bajaj Institute of Management Studies in Mumbai.

Career

1984–1993

In 1984, Chanda Kochhar joined “The Industrial Credit and Investment

Corporation of India Ltd” or ICICI Ltd as a Management trainee after her
master's. In her early years in ICICI, she handled Project Appraisal and
Monitoring and projects in various industries like Petrochemicals, Textile,
Paper, and Cement.

1993–2006

In 1993, Kochhar was sent to ICICI bank as part of a core team to set up the
bank. She was promoted to Assistant General Manager in 1994 and then to
Deputy General Manager in 1996. In 1996, Kochhar headed the newly formed
Infrastructure Industry Group of ICICI, which aimed “to create dedicated
industry expertise in the areas of Power, Telecom and Transportation”. In 1998,
she was promoted as the General Manager and headed ICICI’s “Major Client
Group”, which handled relationships with ICICI’s top 200 clients. In 1999, she
also handled the Strategy and E-commerce divisions of ICICI. Under Kochhar’s
leadership, ICICI bank started the Retail business in July 2000 and emerged as
the largest retail financer in India, in the next five years. In April 2001, she took
over as Executive Director, heading the ICICI Bank.

2006- Onwards

In April 2006, Chanda Kochhar was appointed as Deputy Managing Director of

ICICI Bank. She managed the Corporate and Retail banking business of ICICI
Bank. From October 2006 to October 2007, she handled the International and
Corporate businesses of ICICI Bank. From October 2007 to April 2009,
Kochhar was also the bank’s CFO, Joint Managing Director (JMD), an official
spokesperson. She also headed the Corporate Centre of ICICI Bank. She is also
a director of different ICICI group companies. She is the chairperson of ICICI
Bank Eurasia Limited Liability Company and ICICI Investment Management
Company Limited. Kochhar is the Vice-Chairperson of ICICI Bank UK PLC
and ICICI Bank Canada. She is a director in ICICI International Limited and
ICICI Prudential Life Insurance Company Ltd. and part of the Governing
Council in 1964. The ICICI Foundation for Inclusive Growth-Member.

Kochhar is the CEO and MD of ICICI Bank in May 2009 for five years. She
succeeds KV Kamath, who was CEO of the bank since 1996.
ICICI Bank chief executive Chanda Kochhar has been named as the most
powerful woman in Indian business. However, Kochhar, ICICI Bank’s MD,
does figure among the 10 highest-paid women executives in the country.

Roles & Responsibility

Chanda Kochhar is the CEO and managing director of ICICI Bank. She played
an important role in developing and shaping the retail banking sector in India.
Kochhar joined ICICI in 1984 as a management trainee. Soon she has entrusted
an important role in the endeavor. Seeing her hard work and commendable
performance, she got promoted to the post of assistant general manager and
later, to deputy general manager. In 1996, she was made the head of a group
established by ICICI bank which created an Infrastructure Industry Group to tap
the power, telecom, and transportation industry. Soon she was made the general
manager and was handling relations and business with the top 200 clients of the
bank. Under her outstanding leadership, ICICI bank has enhanced and
flourished over the years. It has also concentrated on various aspects like
diversification, expansion, distribution, and technology. She went on to climb
the ladder of success and promotions and finally in 2009, she was appointed as
the CEO and managing director of the bank.

The meteoric rise of a leader

Chanda Kochhar joined the Industrial Credit and Investment Corporation of

India (ICICI) as a management trainee in 1984. When she joined ICICI, she was
handling project appraisal and was monitoring and evaluating projects in
industries like textile, paper, and cement.

 In 1993, when the ICICI Bank was being set up, Chanda Kochhar was
appointed as one of the core team members and granted major
responsibilities.

 In 1994, she got promoted to assistant general manager post, and then to
deputy manager in 1996.

 In 1996, she was made head of the newly formed Infrastructure Industry
Group of ICICI Bank which aimed to create industry expertise in areas of
power, telecom, and transportation.

 In 1998, she was made the General Manager and the head of the ICICI
Bank’s major client group, which handled relationships with ICICI’s top
200 clients.

 In 1999, she found herself handling the strategy and e-commerce

divisions of ICICI bank. Her proficient leadership helped the bank in
building the retail business and she focused more on important factors
like technology, innovation, process engineering, and expansion of
distribution and scale.

 By 2001, she had taken over as the executive director, and in 2006 she
became the deputy managing director of ICICI bank. From 2006-07, she
 was given the responsibility of international and corporate businesses of
the bank.

 From 2007 to 2009, she served as the bank’s chief financial officer (CFO)
and joint managing director.

 In 2009, Chanda Kochhar was appointed as managing director and chief

executive officer of the bank. Her role also includes heading the boards of
most of the bank’s subsidiaries.

In a society where very few women manage to reach the top rungs of the
corporate ladder, Chanda Kochhar has broken the glass ceiling. She is leading
the ICICI Bank since 2009 and under her leadership, ICICI Bank won the "Best
Retail Bank in India" award in 2001, 2003, 2004, and 2005.

Awards & Accolades

Under Kochhar’s leadership, ICICI Bank won the “Best Retail Bank in India”
award in 2001, 2003, 2004, and 2005 and the “Excellence in Retail Banking
Award” in 2002; both awards were given by The Asian Banker.

Kochhar personally was awarded “Retail Banker of the Year 2004 Asia Pacific
Region” by the Asian Banker, “Business Woman of the Year 2005” by The
Economic Times, and “Rising Star Award” for Global Awards 2006 by Retail
Banker International.

Kochhar has also consistently figured in Fortune’s list of “Most Powerful

Women in Business” since 2005. She climbed up the list debuting with the 47th
position in 2005, moving up 10 spots to 37 in 2006 and then to 33 in 2007.

In the 2008 list, Kochhar features at the 25th spot. In 2009, she debuted at
number 20 in the Forbes “World’s 100 Most Powerful Women list”. She is the
second Indian on the list behind the ruling Congress party chief Sonia Gandhi at
number 13.
In 2010, she fell to number 92 in the Forbes list, but in 2011 bounced back to
43. In 2011, she was featured in Business Today‘s list of the “Most Powerful
Women – Hall of Fame”.
In 2011, she was also featured in the List of Bloomberg Markets.

Kochhar is honoured with the Padma Bhushan Award, the third-highest

civilian honor by the Government of India for the year 2010 for her
services to the banking sector.
Kochhar was also awarded the “ABLF Woman of Power Award (India)” in
2011 at the Asian Business Leadership Forum Awards.

In 2014, Carleton University, Canada honored her with a doctorate.

Chanda Kochhar was listed in Time magazine’s ‘100 Most Influential People in
the World’ in 2015.

In 2017, she was also seen in Business World magazine’s ‘BW’s Most
Influential Women’ list as a woman leader.

A True Leader

The rules of achieving leadership qualities by unleashing instincts inside of

Chanda Kochhar are limitless. There is no stopping once she unleashes the
leadership rules. Likewise, she was the leader that came in all shapes, sizes,
forms, backgrounds, ethnic groups, and so forth. Chanda Kochhar sees beyond
the normal as she takes steps into the future guiding others along the way.

What made her leader?

Chanda Kochhar continued to grow and learn, rather than believe they know it
all. She challenged new information, provide feedback, and accept the
unacceptable. She inspired others by pointing out facts in an assertive voice.
She used her body language to convey messages along with words and for
instance to verify their knowledge and wisdom. She also debates to drive points,
or else to view other angles of current information. She finds truths beyond
truths, they will also accept proven facts that come there. Chanda Kochhar
prepared to isolate herself in necessary. A true leader will consider world issues
and ponder on what he or she can do to help. Chanda Kochhar likes addressing
the issues while delivering consequences, resolving ideas, and the like. She
takes full ownership and responsibility for his actions, words, conduct,
behaviors, etc. And that made her leader.

Chanda Kochhar tends to be quite adaptable, and she finds it easy to fit into
most social setups and vocational fields. There are no particular virtues that can
cause an imbalance in Chanda's personality and life, but she has to work hard
and persistently to develop those special strengths that she desires to attain.

Learning to be wisely assertive is a major lesson to be taken by Chanda

Kochhar throughout her life.

Some of the leadership qualities of Chanda Kochhar are:

The ability to influence a group toward the achievement of goals.

 Her leadership qualities have grown with the bank's growth.

 Transformed ICICI from a corporate bank into a retail bank.

 Joined the corporate side of the bank.

 She set up the infrastructure-financing practice for the bank.

 Set up the retail-banking division for ICICI and grew it substantially.

It was her leadership traits that made the ICICI bank the 'Best Retail Bank in
India' for five consecutive years.

VERSATILITY & FLEXIBILITY

 Constant challenges have helped Kochhar to develop and adapt herself to

the country’s and the company’s evolvement.

 Moving from corporate banking to retail banking to international banking

to supervisory roles has helped her to completely reinvent herself.

 But every move fed on the previous one. When she moved from
corporate to consumer banking, she brought a lot of synergy with her.

 When she moved from consumer banking to international banking, she

brought a lot of insights from India which could be implemented globally.

DARE TO CHALLENGES

 After her father died when Chanda was 13, her mother worked as a
designer in a clothing boutique to support her three children. “She went
from being a housewife to a determined career woman,

 In 2000, she decided to keep the bank open for twelve hours a day when
other banks were open for four to seven hours a day.
  She was also one of the bankers who came up with electronic banking
and installed 2000 ATMs all over India.

 Head of internet banking division to start up and grow E-banking.

VISIONARY

 Set up the retail-banking division for ICICI and grew it substantially.

 The head of India’s ICICI Bank is transforming her business with

conservative lending and tactical cost-cutting.

 A determined woman, with an ambitious goal – She wants ICICI to be

among the world's twenty biggest banks within the next decade. It's a
challenge she says she's more than ready to tackle.

SELF BELIEVER

 September 2008: Lehman Brothers filed for bankruptcy. The financial

industry shattered.

 Chanda Kochhar: Found herself in the middle of a potential catastrophe.

 Anxious customer’s long lines at ATMs, wanting to withdraw their assets

and close their accounts.

 Chanda did what most executives would do in a similar situation.

 As spokesperson: She reassured the country via TV and other media

outlets that their money was safe.

 Unlike most executives, however, she did much more than that. She did
not panic about the situation and handled it carefully.

THE ROADS UNTRODDEN

 An eternal optimist she does not shrink away from challenges. She
believes that new entrants cannot disrupt large banks and that competition
provides the best value to consumers.

 She has also handled criticism from the predominantly male bastions of
the Banking sector for her radical reforms with quiet dignity and only let
her work speak for itself.
In Conclusion, we can say that Chanda Kochhar’s ability to manage such a huge
organization and being it the best profits ever keeping the employees highly
contented is the most admiring quality about her. We have heard that a leader is
tested during critical times. It shows her decision-making power. In the year
1991, when the country was dwindling under financial pressure from all
corners, it was then the concept of privatization of banks was done. Her abilities
in the financial sector were highly appreciated in the company which got her the
post of general manager in 1994. It makes this person admired all around the
nation. The HR communication qualities of a leader can be seen in the manner
she convinced the customers to use the services of the privatized bank in the
era.

Looking at the designation changes in Kochhar’s career, it become clear that

she had to manage different teams at different times and also in quick
succession. Being the manager of so many companies, and patting all of them at
the apex in their respective fields also shows her ability to manage parallel work
functions.

Finally one can admire Chanda Kochhar for the fact that she has not
inherited success. She has gone through all the phases of struggle before
even leading a single team.

Fall of Chanda Kochhar

In 2016, by a blog post whistleblower, Arvind Gupta accused Chanda Kochhar

of conflict of interest and corporate misconduct while sanctioning loans to the
Videocon group.

Considering the gravity of the issue Chanda Kochhar was removed from the
bank and was asked to return the bonus of the last 9-10 years that she received
from the banks. ED summons Chanda Kochhar, his spouse Deepak Kochhar
and VN Dhoot in ICICI bank & Videocon loan case. Several rounds of
questioning and trials confirmed the violation of the code of conduct by Chanda
Kochhar.

Lessons for Future Leader

There is no straightforward answer to questions like “why did Chanda Kochhar

do what she did? True leader fame, celebrity, and role model for many.

Though, the story of Chanda Kochhar has many lessons for the future
generation of leaders. Future leaders must understand that power is the
intoxicating and irresponsible use of power by a leader that can cause untenable
damage to organizations. Leaders in positions of power can easily develop
hubris (aided by the sycophancy). Responsible use of power requires leaders to
act with Emotional Intelligence.

Future leaders must introspect on what are they chasing?

People who have not evolved spiritually use their intellectual capabilities to
acquire power and prestige and are obsessed with material wealth. They have an
immense craving for fame and self-recognition.

However, the world at large runs as per the whims and fancies of certain
invisible (and incomprehensible) forces that can make a pauper out of a
prince/princess in no time.

To sum up, future leaders should not forget the quote of Aldo Leopold “Ethical
behavior is doing the right thing when no one else is watching- even when
doing the wrong thing is legal.”

Reference:
Forbes India - Chanda Kochhar: Rewiring A Behemoth

Story of Chanda Kochhar, the Woman behind the Success of ICICI Bank (vagabomb.com)

Chanda Kochhar – The Most Influential Businesswoman and Banker in India (thedigitalyug.com)

Forbes India: Chanda Kochhar's success story (news18.com)

Chanda Kochhar - Profile, Biography, and Life History | Veethi

Notes of Prof. Kaushik Basu, NIBM Pune

Notes of Prof. Shomi Srivastava, NIBM

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