There is no substitute for hard work. Even as one gets opportunities, one gets challenges, and hard work is essential for success. Whenever there's a challenge, we see an opportunity in it, we have to find a way of converting challenges into opportunities. That's the way one learns and moves forward. Kochhar's appointment augurs well for the many women executives who aspire to reach the topmost position in their organizations.

One more glass ceiling has been broken. ICICI Bank, one of India's leading banks and financial institutions, will have a 48-year-old lady at the helm of affairs with effect from May 1, 2009. Chanda Kochhar, currently Deputy Managing Director and Group CFO has been appointed CEO and Managing Director of ICICI Bank. She succeeds the long serving, KV Kamath, who will become the Non-executive Chairman. The decision to appoint Kochhar as the CEO of ICICI Bank is too welcome. With the current turmoil in the global and domestic financial markets, the task ahead for Kochhar is going to be a challenging one.

Indian banking history is full of examples where female professionals at the helm of banking operations have taken over and revived the sagging fortunes of their banks. One remarkable example is of the legendary Ranjana Kumar, who dexterously revived the sagging fortunes of Indian bank. She featured at Rank 37 in Fortune's list of the 50 Most Powerful Women in Business, in the world, in 2006.

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