Chanda Kochhar has quit as CEO of ICICI Bank with immediate effect. The private lender has appointed Sandeep Bakhshi as managing director & chief executive officer for five years
Facing enquiry over charges of conflict of interest, ICICI Bank managing director and CEO Chanda Kochhar today quit the bank. India's third largest lender by assets, ICICI Bank Ltd, has appointed Sandeep Bakhshi as chief executive for a term of five years, replacing Chanda Kochhar, who sought early retirement, the bank said today. The former head of the bank's life insurance arm, Bakhshi took the helm on an interim basis in June, when Kochhar went on leave during an inquiry into an alleged conflict of interest that triggered months of controversy.
"The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome." the bank said in a statement after a board meeting. Kochhar, 56, who had headed ICICI Bank since May 2009, is also stepping down from the board of directors of its units, the bank added. Bakhshi will lead ICICI for five years, subject to regulatory approval, while other conditions of his appointment remain unchanged, the bank said. (Source : Mint)