ICICI Bank CEO, Chanda Kochhar has quit
ICICI Bank has appointed Sandeep Bakhshi as Managing Director & Chief Executive Officer for five years
Published - Oct 4, 2018 3:36 PM Updated: Oct 4, 2018 3:36 PM
Chanda Kochhar has quit as CEO of ICICI Bank with immediate effect. The board decided to appoint Sandeep Bakhshi as the Managing Director and Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023, subject to various approvals.
According to media reports, the private lender ICICI Bank on Thursday said that it has accepted Chanda Kochhar's request for early retirement. In a communication to BSE, the bank said: “The Board of Directors of ICICI Bank Limited accepted the request of Ms Chanda Kochhar to seek early retirement from the Bank at the earliest. The Board accepted this request with immediate effect. The enquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry.
“Ms Kochhar will also relinquish office from the Board of Directors of the Bank’s subsidiaries The Board decided to appoint Mr. Sandeep Bakhshi as Managing Director & Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals.
“The other terms and conditions of his appointment, such as remuneration, would remain unchanged. Separately, due to health reasons Mr MD Mallya, Independent Director, resigned from the Board and the same was accepted.”
Kochhar was earlier sent on forced leave pending an investigation into allegations of her having favoured family members in lieu of providing loans to a corporate house.
Kochhar joined ICICI Bank in 1984 as a management trainee and had a dream run at the bank until controversies erupted. Kochhar, 56, who had headed ICICI Bank since May 2009, is also stepping down from the board of directors of its units, the bank said in the statement.
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