Kochhar resigns, Bakhshi takes over
New Delhi, Oct. 4: Facing enquiry over charges of nepotism and conflict of interest, ICICI Bank managing director and CEO Chanda Kochhar on Thursday quit the bank, six months before her current tenure was to end. Kochhar, 57, has also resigned from all subsidiaries of the bank including ICICI securities where she had sought reappointment as the chairperson.
The board elevated Chief Operating Officer Sandeep Bakhshi as the new managing director and CEO for five years until October 3, 2023, ICICI Bank said in a statement.
New Delhi, Oct. 4: Facing enquiry over charges of nepotism and conflict of interest, ICICI Bank managing director and CEO Chanda Kochhar on Thursday quit the bank, six months before her current tenure was to end.
Ms. Kochhar, 57, has also resigned from all subsidiaries of the bank including ICICI Securities where she had sought reappointment as the chairperson.
The board elevated COO Sandeep Bakhshi as the new MD and CEO for five years until October 3, 2023, ICICI Bank said in a statement.
The bank further said that the external enquiry instituted by the board against Ms. Kochhar in May will continue and the benefits to her would be subject to the outcome of the probe.
Following the board’s decision to institute an enquiry by retired Supreme Court Justice B.N. Srikrishna, she went on leave in May.
There are allegations of involvement of Ms. Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis.
“The enquiry instituted by the Board (against Ms. Kochhar) 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 statement said.
“The Board of Directors of ICICI Bank accepted the request of Chanda Kochhar to seek early retirement from the Bank at the earliest,” it said.
Ms. Kochhar’s current five-year tenure as CEO was to end on March 31, 2019. After she went on leave, ICICI Bank appointed Mr Bakhshi, who was MD and CEO of ICICI Prudential Life Insurance, as the chief operating officer of the bank with effect from June 19. Mr Bakhshi has now been elevated as managing director and CEO.
— PTI