CEO and MD of ICICI Bank, Chanda Kochhar has quit the bank after hailing it for nine years, with immediate effect. Sandeep Bakhshi, currently the chief operating officer (COO) for the company, has been appointed as managing director and chief executive officer for a term of five years, subject to regulatory approval.
ICICI Bank released a statement to the BSE, stating, “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 bank stated.
“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.”
Ms Kochhar is said to be under an investigation into allegations of her having favoured family members in lieu of providing loans to a corporate house. The probe is related to loans granted by ICICI Bank to the Videocon Group.
It is said to be that Videocon Group had dealings with NuPower Renewables – a company promoted by Chanda Kochhar’s husband Deepak Kochhar. In June, a panel was set up under retired Supreme Court judge Justice Srikrishna to probe allegations against Chanda Kochhar.