Chanda Kochhar, Managing Director and Chief Executive Officer (CEO) of ICICI Bank calls it quits with immediate effect. The Board of Directors of the bank has accepted the request of Kochhar to seek early retirement from the Bank at the earliest.
The bank has appointed Sandeep Bakhshi as the new MD & CEO. His appointment will be for 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.
As earlier reported in People Matters, Chanda Kochhar has been on leave since June 2018, after the bank started an independent probe into allegations of conflict of interest. The bank, however, denied allegations of impropriety on the part of CEO Chanda Kochhar extending loans to some companies and enjoying reciprocal benefits.
It is also reported that due to health reasons, MD Mallya, Independent Director, has also resigned from the Board and the same was accepted.
Earlier this year in March, it was reported that Deepak Kochhar (spouse of Chanda Kochhar) had received investment in his organization from Videocon as quid pro quo for loans from ICICI Bank. However, the board dismissed all the speculations and declared the bank declared that the board has full confidence and rests complete faith in the bank’s MD & CEO Chanda Kochhar. Following the allegations, ICICI Bank said that it had conducted an internal probe, but did not find any merit in the charges.