Business

Chanda Kochhar Resigns, ICICI Bank Appoints Sandeep Bakhshi As New MD & CEO

JAVED SAIFI | 0
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| October 4 , 2018 , 15:37 IST

Chanda Kochhar has resigned as Managing Director and Chief Executive Officer of ICICI Bank on Thursday with immediate effect, Bank announced.

Sandeep Bakhshi current chief operating officer has been appointed as MD and CEO for five years.

In a filing to Bombay Stock Exchange (BSE), the ICICI Bank said that the Board of Directors has accepted the request of Kochhar to resign as MD and CEO at the earliest, however, the inquiry instituted by the Bank's board members against Kochhar will remain unaffected.

Also Read: ICICI's Chanda Kochhar To Go On Leave Till Inquiry Ends, Sandeep Bakhshi Appointed COO

Kochhar will also relinquish office from the Board of Directors of ICICI Bank’s subsidiaries.

Kochhar Controversial Exit

Kochhar had joined the ICICI Bank Limited in 1984 as a management trainee who further had handled the basic core function such as Project Appraisal and Monitoring.

In 1994, Kochhar was promoted to Assistant General Manager and then Deputy General Manager in 1996 with further advancing her skills she was promoted as the Managing Director & CEO of ICICI Bank in 2009.

Kochhar has been facing probe into irregularities regarding a Videocon loan in 2012 and was on leave till the completion of the inquiry, in line with corporate standards.