Investment banking company JP Morgan recently announced that its current Chairman for South and Southeast Asia Kalpana Morparia is set to retire after a decade-long stint with the company. The American bank notified that she will hold her position till the first quarter of 2021 fiscal year.
She will be replaced by former UTI Mutual Fund Managing Director and Chief Executive Officer, Leo Puri. Puri had stepped down from the asset management company in 2018 after domestic investors State Bank of India (SBI), Life Insurance Corp. of India, Punjab National Bank and Bank of Baroda, locked horns with the single largest investor, the US’s T Rowe Price.
Puri will work alongside Murli Maiya who will take charge as the new Chief Executive Officer. Maiya will be leading the strategic development of the South Asia wing, while focusing on global investment banking, the bank said.
Madhav Kalyan, who is currently the CEO of JPMorgan Chase Bank India, will now assume the role of the Senior Country Officer of JPMorgan India.
Morparia’s retirement marks the completion of a 45-year stint in the financial services industry. She had started her career with the erstwhile Industrial Credit and Investment Corp. of India Ltd in 1975, and was elevated to its board of directors in 2001.
An alumni of Government Law College, Mumbai, her transition from being a corporate lawyer to a corporate leader happened during the leadership of K.V. Kamath, when she was asked to head the treasury department in 1996.
Morparia was the public face of ICICI Bank and was responsible for building the group’s diversified financial services. She was involved in the listing of ICICI Bank on the New York Stock Exchange in 2000. Besides overseeing the reverse merger of ICICI with ICICI Bank in 2002, she was also closely associated with the restructuring of Dabhol Power plant in 2004-05. Morparia retired from the board of directors of ICICI Bank in 2007 as its Joint Managing Director.
At JP Morgan, she was in charge of each of the firm’s lines of business, including investment banking, asset management, treasury services and principal investment management. She was also responsible for service groups operating in India, including those handling global research, finance, technology and operations.
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