The Hush Post: Chanda Kochhar has quit the ICICI Bank which confirmed on Thursday that it has accepted Chanda Kochhar’s request for an early retirement.
Kochhar is all set to relinquish office from the board of directors with immediate effect. The private sector bank said this in a regulatory filing. She will be replaced by Sandeep Bakhshi who will be elevated as the managing director and CEO of the bank.
At present, Bakhshi serves as executive director and chief operating officer at ICICI. Bakhshi’s appointment is subject to regulatory and other approvals, ICICI said. He will be appointed for a period of five years until October 3, 2023.
Kochhar led ICICI Bank 2009 onwards and has almost completed 10 years at the top.
Kochhar is also subject of an investigation for flouting corporate governance norms. There have also been allegations of impropriety against her which came up in October 2016. An ICICI Bank shareholder, who alleged a quid pro quo on Kochhar’s part as ICICI Bank had granted loans to Videocon Group, whose promoter Venugopal Dhoot had investments in NuPower Renewables, which is owned by Chanda’s husband Deepak Kochhar.