ICICI Bank MD and CEO Chanda Kochhar steps down

Chanda Kochhar resigns with immediate effect and Sandeep Bakshi will be the new MD and CEO of ICICI Bank. 

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It’s been quite a year for private bank leadership in the country. With Axis Bank's board deciding to end CEO Shikha Sharma’s term by year end and YES Bank still in the throes of transition, here comes another development which is perhaps not a surprise to many. 

On Thursday, October 4th, the ICICI Bank's board announced in an exchange filing that it has accepted Kochhar’s request to seek an early retirement. She will also resign from the board of the bank’s subsidiaries effective immediately. 

Though Kochhar would have officially completed her tenure in March next year, her request for early retirement and the board’s acceptance comes on the heels of the uncertainty the bank has gotten entangled in. 

Kochhar’s otherwise impressive career got caught up in turbulence due to allegations of a conflict of interest over loans made to the Videocon Group. And on May 30th, the bank’s board initiated an independent inquiry into the matter. According to the recent announcement, the inquiry will remain unaffected by Kochhar’s resignation. 

ICICI bank’s board had appointed Sandeep Bakshi as Wholetime Director and COO on June 18th, as Kochhar had decided to go on leave till the completion of the inquiry. Her successor has extensive experience of leading both corporate and retail businesses across the ICICI Group. 

Bakhshi has been the MD and CEO of ICICI Prudential Life Insurance Company, since August, 2010. He has also served as the Deputy MD of ICICI Bank where he headed the retail and subsequently the wholesale business. Prior to moving to the Bank, Bakhshi was the MD and CEO of ICICI Lombard General Insurance.