Chanda Kochhar resigns as ICICI Bank’s CEO, Sandeep Bakhshi replaces her

Mangalore Today News Network

New Delhi, Oct 04, 2018 : According to NDTV reports,  ICICI chief executive officer Chanda Kochar has resigned from the bank’s top post, the company said in regulatory filings on Thursday.The Board has decided to appoint Sandeep Bakhshi, the bank’s chief operating officer as managing director and chief executive officer. He gets a five-year term.

 

She will relinquish office from the board of directors with immediate effect, the private sector bank said in a regulatory filing. She will be replaced by Mr Bakhshi, who currently serves as executive director and chief operating officer at ICICI Bank.

Ms Kochhar will also demit office from the Board of Directors of the bank’s other units. "The enquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," ICICI Bank said in the filing.

Mr Bakhshi’s appointment is subject to regulatory and other approvals, ICICI Bank said. He will be appointed for a period of five years until October 3, 2023, it added.

At 2:10 pm, shares of ICICI Bank traded at Rs. 316.15, up 12.55 points or 4.13 per cent on the BSE.

Separately, ICICI Bank said that it accepted the resignation of MD Mallya, Independent Director of the bank. Mr Mallya quit due to health reasons.