PHILADELPHIA, Nov. 19, 2007 (PRIME NEWSWIRE) -- Indian companies eager to build leadership capabilities for global markets are investing in high-level executive education programs such as a new Leadership Development Program, designed by the Wharton School of the University of Pennsylvania for senior managers of the ICICI Group. The custom program was delivered by Wharton faculty for the first time in October at the company's training center outside Mumbai.
The intensive, eight-day leadership program for nearly 60 senior executives of India's second-largest bank demonstrates the increasing sophistication of executive leadership development in India and the growing presence of Wharton Executive Education there. "Indian companies, especially more progressive ones such as ICICI, have very advanced learning and development internally," said Sandhya Karpe, senior director at Wharton Executive Education. With a presence in 17 countries, ICICI Group has been named among the top 20 companies in the world for leadership development in a recent ranking by Fortune magazine. "Indian companies are now looking to take their executive education to the next level," Karpe said.
The new leadership training program has the strong support and involvement of ICICI's top leaders. "We were looking for opportunities to work with the best faculty in the world, who were eager to learn from India and then shape learning for our promising executives. I would like to compliment Wharton, which was the first to take the opportunity to design and deliver a program that dealt with the challenges which leaders, on the doorstep of senior positions face," said K.Ramkumar, group chief human resources officer of ICICI.
The Wharton leadership development program offered executives new business knowledge and global insights, crucial to ICICI's rapid global expansion. "The Wharton program has enhanced my understanding of business trends from a global perspective," said Shakil Khan, deputy general manager of ICICI Bank. "It is one of the finest that I have attended."
One of the distinctive aspects of the leadership program was a computer simulation designed by Wharton faculty to model the complex business and organizational challenges facing today's business leaders. During the simulation, executives make strategic decisions about negotiating resources, managing change, cultivating relationships with customers, and developing strategic alliances. They also work on maximizing the contributions of their own team members, and receive feedback on their decisions.
"The economic world is changing rapidly," said Rita McGlone, senior director at Wharton Executive Education. "Leaders are required to develop and implement strategies that incorporate diverse teams, perspectives, and locations. The simulation is custom designed by Wharton faculty to ensure that it models the challenges facing these leaders."
The Leadership Development Program is expected to be an integral part of the company's overall executive development process. The initiative also has added to Wharton's knowledge of the Indian market. "While we have offered shorter programs in India in the past, this was the first time we delivered an extended program there," Karpe said. "It was a powerful organizational learning experience for us."
Executive Education at the Wharton School
The Wharton School of the University of Pennsylvania -- founded in 1881 as the first collegiate business school -- is recognized globally for intellectual leadership and ongoing innovation across every major discipline of business education. The most comprehensive source of business knowledge in the world, Wharton bridges research and practice through its broad engagement with the global business community. Executive education at Wharton brings together over 10,000 executives each year from all corners of the globe in a partnership of learning. The best and the brightest business minds today tackle real-world issues in a highly collaborative environment.
Informed by in-depth, groundbreaking academic research and extensive industry experience, Wharton programs can span anywhere from a few days to a year or more. Each leadership training program offers a supportive and challenging context where participants gain the skills necessary for their next level of executive development. Participants who come to Wharton from a diverse range of industries engage with faculty who are the most cited, most published faculty of all top-tier business schools. With a profound influence upon global business, Wharton faculty are the sought-after, trusted advisors of corporations and governments worldwide.
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About ICICI Bank
ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over 50 years' presence in financial services and with assets of Rs. 3,569.32 billion as on June 30, 2007. The Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life and non-life insurance, private equity and asset management. ICICI Bank is a leading player in the retail banking market and services its large customer base through a network of over 950 branches and extension counters, 3,600 ATMs, call centers and Internet banking (www.icicibank.com) to ensure that customers have access to its services at all times.