Chanda Kochhar Quits as ICICI Bank CEO Sandeep Bakhshi will be the new MD and CEO


ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar has stepped down from the bank with immediate effect, the lender informed the bourses on Thursday.

“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 company said in a filing to the Bombay Stock Exchange.

The lender also announced the appointment of Sandeep Bakhshi as the Managing Director and Chief Executive Officer for a period of five years until Oct. 3, 2023. His appointment is subject to regulatory and other approvals, ICICI Bank said in the exchange filing.

The statement also said that the enquiry instituted by the company’s board against Chanda Kochhar will remain unaffected by her departure and that 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 company said.

Chanda Kochhar has been under investigation by multiple agencies in India for matters of “conflict of interest” and allegation of “quid pro quo” in granting favours and deals involving her family.

Kochhar has denied all charges of favour and impropriety and an internal inquiry by the bank too had found no wrongdoing by her.

The markets welcomed the announcement. At 2.55 pm, ICICI Bank shares were trading at ₹ 313.90, up 3.69 per cent.

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