29. Major Change In May 1996, K.V. Kamath replaced Narayan Vaghul, CEO of India's leading financial services company ICICI
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34. Change-resistance at ICICI Some of the people who thought did not fit in this set-up were quick to leave the organization.
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46. In December 2000, ICICI Bank was merged with Bank of Madura (BoM) ICICI Bank was nearly three times the size of BoM Staff Strength: ICICI - 1,400 BOM - 2,500 The working culture at ICICI and BoM were quite different
47. Bank Of Madura ( BOM ) Industrial Credit and Investment Corporation of India (ICICI) management concentrated on the overall profitability of the Bank management turned all its departments into individual profit centers and bonus for employees was given on the performance of individual profit center rather than profits of whole organization
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49. 'POST-MERGER' EMPLOYEE BEHAVIORAL PATTERN PERIOD EMPLOYEE BEHAVIOR Day 1 Denial, fear, no improvement After a month Sadness, slight improvement After a Year Acceptance, significant improvement After 2 Years Relief, liking, enjoyment, business development activities