The top level management rejig comes after the Bank's MD and CEO Chanda Kochhar decided "to go on leave till the completion of the inquiry" which has been set up to investigate allegations of conflict of interest that have been levelled against her.
According to the firm, ICICI Bank Board recommended to the Board of Directors of ICICI Prudential Life Insurance Company to appoint Kannan as the Managing Director and Chief Executive Officer (CEO).
"The Board of Directors of ICICI Prudential Life Insurance Company Limited has appointed N.S. Kannan, Executive Director at ICICI Bank, as Managing Director and Chief Executive Officer of the company with effect from June 19, 2018, subject to approval of IRDAI and members of the company," the bank said in a statement.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.