ICICI Bank Managing Director and CEO Chanda Kochhar has resigned the bank with immediate effect and Sandeep Bakshi replaced her, who was appointed the bank's CEO in June. leading ICICI Bank since 2009 Kochhar ‘s third term was due to end in March 2019.The Board of Directors of ICICI Bank approved the request of Chanda Kochhar to seek early retirement at the earliest. The Board accepted this request with immediate effect on Thursday.
The Board took decision to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer of ICCI. Bakhshi’ term will end after five years until October 3, 2023.
Kochhar has been talk of the town for allegedly flouting corporate governance norms and allegations of impropriety against her were first raised in October 2016 by an ICICI Bank shareholder. They alleged a quid pro quo on Kochhar’s part as ICICI Bank had granted loans to Videocon Group, whose supporter Venugopal Dhoot had invested in NuPower Renewables, which is owned by Chanda's husband Deepak Kochhar.
The shareholders had written a letter to the Finance Ministry, Prime Minister's Office (PMO), Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and various investigation agencies including the Central Bureau of Investigation (CBI).Following the letter, ICICI Bank said that it had held an internal investigation, but did not find any worthy in the allegations.
However, in the end of March , the allegations yet again grabbed the headlines worrying shareholders, investors, depositors and other stakeholders.