Chanda Kochhar has quit as Chief Executive Officer and Managing Director of ICICI Bank with immediate effect. Sandeep Bakhshi, the current chief operating officer, has been appointed as managing director and chief executive officer for five years, subject to regulatory approval.
Kochhar was on an absence of leave from office, as an investigation into allegations of her favouring family members in lieu of providing loans to a corporate house was underway. A panel was set up under retired Supreme Court judge Justice Srikrishna to probe allegations against Kochhar in June.
“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,” ICICI Bank said in a communication to BSE.
“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.”