Chanda Kochhar quits ICICI Bank, Sandeep Bakshi to succeed her

Kochhar is the first woman to head ICICI Bank, India’s second-biggest private sector lender by assets.

ICICI Bank Managing Director Chanda Kochhar has resigned from the post, the lender said in a regulatory filing on Thursday. As per filing, the board of the bank has accepted the request of Kochhar 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. The enquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," it said. 
 
Kochhar will also relinquish office from the Board of Directors of the bank's subsidiaries, the statement said. Her third term was due to end in March next year. 
 
Kochhar is the first woman to head ICICI Bank, India’s second-biggest private sector lender by assets.
 
The board has decided to appoint Sandeep Bakhshi Managing Director and Chief Executive Officer. His appointment will be for a period of five years until 3 October 2023, subject to regulatory and other approvals. 
 
"The other terms and conditions of his appointment, such as remuneration, would remain unchanged," the statement said. 
 
Since June, Bakhshi has been taking care of CEO's affairs after Kochhar was sent on leave, pending an independent probe into allegations of conflict of interest in awarding loans to the Videocon group.
 
Source: Media reports

 


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