Kochhar to get pay hike,Kamath to get less

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.

In a notice to shareholders seeking their approval for the appointment and remuneration for Kochhar and Kamath in their new roles,the bank today 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.