Chanda Kochhar on Thursday quit as the CEO of ICICI Bank after her plea for early retirement was accepted by the bank.
The Board, in a filing with the Bombay Stock Exchange, said it had accepted the request with immediate effect.
"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 said Thursday.
The board has decided to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer.
His appointment will be for a period of five years until October 3, 2023, subject to various approvals.
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Here is what ICICI Bank said in a communication to BSE:
“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.
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“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.”
PTI
