ICICI Bank MD and CEO Chanda Kochhar has quit the bank with immediate effect. The board of the bank has accepted the request of Ms Kochhar to seek early retirement, according to the regulatory filing. . ICICI bank has appointed Sandeep Bakhshi as the Managing Director and Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023, subject to various approvals.
“The Board of Directors of ICICI Bank 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 company informed the bourses on Thursday.
Kochhar was earlier sent on forced leave till the completion of an independent investigation into charges of conflict of interest against her in a case of her husband being a beneficiary of loans from the bank’s borrowers.
Dealings between her husband Deepak Kochhar and Videocon Group promoter Venugopal Dhoot had come to light following an investigation by The Indian Express, which have raised questions of propriety and conflict of interest against Kochhar. She was sent on leave by the bank’s board till the independent probe against her is completed.
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