Sandeep Bakhshi Replaces Chanda Kochhar – As She Quits As ICICI Bank CEO
Few months ago, Chanda Kochhar was investigated for alleged conflict of interest. For this reason, she has resigned as ICICI Bank CEO. She will be replaced by Sandeep Bakhshi. This is being confirmed by the ICICI Bank on Thursday.
As per Bank, Chanda Kochhar, 56, had requested early retirement. It was told by the lender that she will give up office from the board of directors with immediate effect. Mr. Sandeep Bakhshi will be replacing her. He is currently serving as executive director and chief operating officer at ICICI Bank.
Chanda Kochhar will also demit office from the Board of Directors of the bank’s other units. Bank also informed that the enquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry.
Sandeep Bakhshi’s appointment is subject to regulatory and other approvals, ICICI Bank said. It added that he will be appointed for a period of five years until October 3, 2023.
At 2:10 pm, shares of ICICI Bank traded at Rs. 316.15, up 12.55 points or 4.13 per cent on the BSE.
Separately, ICICI Bank said that it accepted the resignation of MD Mallya, Independent Director of the bank. Mr Mallya quit due to health reasons.