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ICICI Bank CEO Chanda Kochhar resigns, Sandeep Bakshi replaces

New Delhi: ICICI Bank Chief Executive Officer Chanda Kochhar on Thursday resigned from her post. She was replaced by Sandeep Bakshi.

In a statement, the bank said that the Board of Directors of ICICI Bank Limited, that held its meeting on Thursday, accepted Chanda Kochhar's request seeking early retirement from the Bank and to be relieved at the earliest. "The Board accepted this request with immediate effect.

The enquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry. Kochhar will also relinquish office from the Board of Directors of the Bank's subsidiaries," the Board of Directors said while giving details of the meeting.

The Board appointed Sandeep Bakhshi as Managing Director and Chief Executive Officer (CEO). His appointment will be for a period of 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," the Board of Directors said.
The Board of Directors also accepted the resignation of MD Mallya, Independent Director, who had resigned from the Board due to health reasons.

The bank had in June appointed Bakhshi as the new Wholetime Director and Chief Operating Officer (COO) after Kochhar's was sent on leave till the enquiry into the ICICI-Videocon loan case is completed.

Kochhar has been accused of misusing her position in the company after she allegedly provided Rs. 3,250 crore loan to the Videocon group on quid pro quo basis in 2012. Venugopal Dhoot, the Chairman of Videocon Group, had business links with Kochhar's husband Deepak Kochhar.

The IT department in the first week of April had sent a notice to Deepak Kochhar's company NuPower Renewables and the matter is also probed by the Central Bureau of Investigation.

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