Rajiv Sabharwal to replace Sonjoy Chatterjee as executive director in ICICI's board

India's second largest lender ICICI Bank said today that its board of directors has approved the appointment of Rajiv Sabharwal as executive director on its board in place of the Sonjoy Chatterjee, who resigned today to join Goldman Sachs, India (See: Sonjoy Chatterjee joins Goldman Sachs as Co-CEO, India)

ICICI bank said that the elevation of Sabharwal from senior general manager to executive director is subject to the approval of the Reserve Bank of India and his appointment would be effective from the date of RBI's approval.

The bank said in a release that Tushaar Shah will joing the bank's board as a non-executive director of the bank effective 3 May 2010.

Sabharwal has been a key member of ICICI Bank's retail banking team over the years, and led the Bank to market leadership in the home loans business. He would continue to be responsible for retail banking, reporting to the managing director & CEO.

Chatterjee, an IIM-B graduate, had joined ICICI in its project finance division in Kolkata in 1994 and becomes the third senior level employee to resign from the bank since the past year after Shikha Sharma and Renuka Ramnath after the retirement of K V Kamath.