Chanda Kochhar quits as ICICI Bank CEO; Sandeep Bakhshi to take over

file photo of Chanda Kochhar and Sandeep Bakshi

ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect. The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.“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,” the bank said Thursday.

The board has decided to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer.

His appointment will be for a period of five years until October 3, 2023, subject to various approvals.

Earlier in June, Chanda Kochhar was told to go on leave by the board members of the ICICI Bank until a probe into her role in an alleged conflict of interest while granting loans to the Videocon Group was completed.

The board had appointed Sandeep Bakhshi as its chief operating officer then.

According to Sebi, CEO Chanda Kochhar did not adhere to the code of conduct, which required the disclosure of any conflict of interest in the case involving Videocon Group and NuPower Renewables.

NuPower Renewables is owned by her husband Deepak Kochhar.

ICICI Bank had given Rs 3,250 crore loan to Videocon whose chairman Venugopal Dhoot co-founded a separate company, NuPower Renewables, with Deepak Kochhar. The loans are now considered as non-performing asset on the books of banks.