In a recent development, ICICI Bank’s MD and CEO Chanda Kochhar has decided to go on leave till an independent probe into the allegations over conflict of interest is completed.
This decision comes after the ICICI board members met on Monday and took this step. During the board meeting, Sandeep Bakshi, CEO of ICICI Prudential Life Insurance will run the bank during the absence of Chanda Kochhar.
In a BSE filing, the bank said, “The Board of Directors of ICICI Bank Limited has at its meeting today decided to appoint Mr. Sandeep Bakhshi, as Wholetime Director & Chief Operating Officer designate, ICICI Bank. His appointment as COO will be for a period of five years, subject to regulatory approvals. He will take over as the COO from June 19, 2018, or on the date of regulatory and other approvals, whichever is later.”
Bakhshi will be responsible for handling all the businesses and corporate centre functions at the Bank. All Executive Directors on the Board of ICICI Bank and the executive management will report to him. He will report to Chanda Kochhar, who will continue in her role as MD & CEO of ICICI Bank.
The filing also mentioned that Chanda Kochhar has decided to go on leave till the completion of the enquiry as announced on May 30, 2018. The Board has noted and accepted this. During her period of leave, the COO will report to the Board.
ICICI Bank Board also recommended to the Board of Directors of ICICI Prudential Life Insurance Company to appoint N. S. Kannan as the Managing Director & Chief Executive Officer of the company subject to regulatory and other approvals.