Meet Sandeep Bakhshi, the man who replaces Chanda Kochhar
The exit of Chanda Kochhar and the appointment of Sandeep Bakhshi as the new Managing Director (MD) and CEO ends a period of uncertainty for ICICI bank but with an image crisis at hand, Bakhshi has his work cut out for him.
Bakhshi’s appointment came as the bank accepted Kochhar's early retirement and appointed him in her place. Bakshi held the position of the COO of ICICI Bank. He was put at the helm by the board after it asked Kochhar to go an extended leave on account of an internal investigation into charges of impropriety in her role in the Videocon loan case.
But who exactly is Sandeep Bakhshi?
Sandeep Bakhshi is an ICICI veteran who has spent over 30 years with the private bank. He joined ICICI in 1986 at a time when it was just a development financial institution. He started off as an official in the operations department in the bank and gained experience across retail banking, project appraisals as well as risk management and handling of large corporate clients.
An alumnus of Xavier Labour Relations Institute, Jamshedpur, Bakshi has seen the metamorphosis of the financial institution into a full-fledged bank. He built the general insurance business from scratch, which he joined in 2002.
However, this is not the first time that Bakhshi has been asked to step in to handle a crisis. In 2008, Bakhshi was brought in by the bank from ICICI Lombard as the bank was facing rising delinquencies. After his efficient handling of the crisis, he was put at the helm of ICICI Prudential Life in 2010. He helped to take the company public in 2016, making it the first insurer to be listed on the exchanges. Under his leadership saw ICICI Prudential's Assets under Management (AUM) rise to Rs 1.4 Lakh Cr in 2018.
How deftly and how soon will Sandeep Bakhshi be able to maneuver the bank out of the stormy waters it finds itself in, remains to be seen.
Image Credits: The Indian Express