ICICI Bank’s Chanda Kochhar quits, Sandeep Bakhshi appointed new CEO

ICICI Bank’s Chanda Kochhar quits, Sandeep Bakhshi appointed new CEO
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Mumbai, Oct 4: ICICI Bank has appointed Sandeep Bakhshi as Managing Director & Chief Executive Officer with immediate effect and accepted Chanda Kochhar’s request for early retirement.
“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,” said the private lender in a filing to the exchnages.
The bank appointed Sandeep Bakhshi as MD & CEO for a period of five years until October 3, 2023, subject to regulatory and other approvals. Bakhshi joined the bank as CEO in June after Kocchar went on leave and was acting as interim CEO.
Kochhar was under investigation by the bank for allegations of conflict of interest and misconduct in sanction of loans.
The bank said that Kochhar will also relinquish office from the Board of Directors of the Bank’s subsidiaries. Kochhar was recently reappointed on the board of ICICI Securities.
The bank added that MD Mallya, Independent Director of the bank also resigned from the board due to health reasons and the same was accepted.
The panel led by Justice BN Srikrishna, which was investigating the allegations against Kochhar, is expcted to come out with the report in October. The allegations of wrongdoing pertain to loans extended by ICICI Bank to the Videocon group, which had business relations with NuPower Renewables, owned by Chanda Kochhar’s husband Deepak Kochhar.
The bank’s filing on Thursday said that the enquiry instituted by the board will remain unaffected by Kochhar’s resignation and “certain benefits will be subject to the outcome of the enquiry.”