Chanda Kochhar Steps Down as CEO Of ICICI Bank

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Chanda Kochar, CEO of ICICI bank quits her position as her request for early retirement was accepted. Kocchar has headed the ICICI bank since May 2009 and is also stepping down from the board of directors of its units thereby including the ICICI Securities wherein she has also sought the reappointment as the chairperson. The current tenure of Kochhar  being a CEO is supposed to end on 31st March 2019.

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The next Chief Executive Officer of the company would be Mr, Sandeep Bakshi. His appointment would be for the period of 5 years until 3rd October 2023. Mr. Sandeep Bakshi is a Mechanical Engineer from Punjab Engineering College and he started his career with ICICI in the year 1986.

Bakhshi had taken the helm on an interim basis in June, after Kochhar had been sent on leave pending an inquiry. He is a former head of the life insurance arm at ICICI Bank, which is India’s third-largest lender by assets.

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The bank clarified that Kochhar’s post retirement benefits would be subject to inquiry outcome. It also said that the enquiry proceedings initiated against Kochhar will remain unaffected by this development.

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In earlier days, Kochhar was even sent on forced leave until the completion of the independent investigation against the charges of the conflicts of interest against her in the case of her spouse being the beneficiary of various loans from the borrowers of the bank.

The Central Bureau of Investigation is even probing into various allegations that the husband of ICICI Bank Chief Mr. Deepak Kocchar’s company naming the NuPower Renewables have received the investment from the Videocon Group company as a quid pro quo for a loan from the bank.

Chanda Kocchar had joined ICICI in the year 1984 as a management trainee and she had a dream of running a bank until controversies erupted.

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