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Chanda Kochhar quits ICICI Bank

Chanda Kochhar quits ICICI Bank

October 4, Mumbai: Chanda Kochhar on Thursday quit as the CEO of ICICI Bank. The bank said in a regulatory filing to the BSE adding that its board has decided to appoint Sandeep Bakhshi as the new Managing Director and Chief Executive Officer.

“The Board of Directors of ICICI Bank, accepted the request of 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,” the bank stated.

Kochhar will also relinquish office from the Board of Directors of the bank's subsidiaries.

“The board decided to appoint Sandeep Bakhshi as the new Managing Director and Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals. The other terms and conditions of his appointment, such as remuneration, would remain unchanged,” the bank added.

Kochhar, 56, had headed ICICI Bank since May 2009. She had joined the bank in 1984.

The Central Bureau of Investigation is already investigating the allegations that Kochhar’s husband Deepak Kochhar’s company NuPower Renewables received an investment from a Videocon group company as a quid pro quo for a loan from ICICI Bank.

Kochhar was earlier sent on forced leave until the completion of an independent investigation.

The bank’s stocks closed at Rs 315.95 per share, higher by 4.07 per cent at the BSE.