ICICI's Kochhar among 4 'women to watch' globally
Times of India - 23 Aug 2009
New York: Having found her to be the most powerful women in India after the country's ruling alliance chairperson Sonia Gandhi, business magazine Forbes has also named ICICI Bank chief Chanda Kochhar among four women from across the world to watch out for in the next 12 months.
In the latest edition of its 'world's 100 most powerful women' annual ranking, Forbes has named Kochhar, CEO and MD of the country's top private sector bank, at the 20th position.
Among the resident Indians on the list, Kochhar is ranked next only to Gandhi, chief of Congress party and chairperson of the country's ruling United Progressive Alliance.
In a separate list of four 'women to watch' in the next 12 months also, Forbes has named Kochhar alongside Xerox' CEO Ursula Burns, Iceland Prime Minister Johanna Sigurdardottir and Bank of America's Global Wealth Management President Sallie L Krawcheck.
"(Kochhar) created a stir after becoming the first woman boss of India's second-largest bank in May. Besides cutting costs, she has been very conservative: solicits deposits but doesn't spend a lot on marketing; issues bank credit cards sparingly. (ICICI Bank's) net profits rose 18 per cent in the last quarter over the previous one," Forbes said about Kochhar in the list of 'Women to Watch'.
On her ranking in the Forbes list, Kochhar has said "with great power comes great responsibility."
"It reminds me that there is a huge responsibility that I am carrying on my shoulders... So, in a way that each one of these things make me feel more grounded to say that there is a huge responsibility on your shoulder and please perform it with all responsibility and proactiveness," Kochhar said.
A long-time executive at ICICI Bank and instrumental in transforming it into a retail and corporate banking powerhouse, Kochhar became its CEO and MD on May 1 this year.
"Keep an eye on these leaders: The next 12 months could be exciting--and terrifying," the US magazine said about the four powerful women leaders from the main list.
About Xerox CEO, it said that Burns was the first African-American woman to head a big public company and also the first to succeed another woman.
About Iceland Prime Minister, it said "the onetime stewardess won election in February on a plan to save a nation in financial collapse. Has recapitalized banks, introduced tough regulations and cut the deficit.
She's trying to push entry into the EU and adoption of the euro, both unpopular and has warned Icelanders that their "standard of living will contract sharply", it added.
On the Bank of America executive, it said a year after being forced out of Citigroup, Krawcheck was back on Wall Street, leading Merrill's 15,000-strong "thundering herd."
"Will her independence mesh with a fiercely insular brokerage and bank? If she survives, she could end up running BofA," it added.
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