Sandeep Bakshi replaces Chanda Kochhar as ICICI Bank head

Sandeep Bakshi, managing director and chief executive officer, ICICI Bank

Chanda Kochhar today resigned from her post of managing director and chief executive officer of ICICI Bank putting an abrupt end to her stint of over three decades with India’s second largest private lender.

“The Board of Directors of ICICI Bank Limited, accepted the request of Chanda Kochhar to seek early retirement from the Bank at the earliest. The Board accepted this request with immediate effect,” the bank said in a statement to exchanges. She has also stepped down from the boards of ICICI Bank’s subsidiaries.

Kochhar was at the centre of investigations being carried out at ICICI Bank concerning her role in loans given out to the Videocon group. “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. Kochhar was on forced leave since June pending enquiry into conflict of interest allegations.

Sandeep Bakshi, who had taken interim charge, has been appointed as the new managing director and chief executive officer for a period of five years. His appointment is subject to regulatory approvals.

Bakshi has been with the ICICI Group for 32 years and has handled various assignments in ICICI Limited, ICICI Lombard General Insurance, ICICI Bank and ICICI Prudential Life Insurance. He has a mechanical engineering degree from Chandigarh and postgraduate degree from Xavier School of Management in Jamshedpur.

Related Posts