Chanda Kochhar, 56, the Chief Executive Officer and Managing Director of ICICI Bank has left the firm today after her early retirement plea has been accepted by the firm. Post-retirement benefits of Ms. Kochhar will be “subject to the outcome of the inquiry”, ICICI said in a statement.
ICICI has named Sandeep Bakhshi as the new CEO and MD, he was earlier promoted as the COO of the bank when Ms. Kochhar was sent on forced leave till the completion of an independent investigation.
Bakhshi’s appointment will be for a period of five years until October 3, 2023, subject to various approvals. He started his career with ICICI in 1986, he is a Mechanical Engineer from Punjab Engineering College, Chandigarh.
According to the CBI, a loan of Rs. 3,250-crore was granted to the Videocon Group in 2012, It is alleged that Ms. Kochhar’s husband Deepak Kochhar and her family members were benefited by this dealing.
Videocon’s Venugopal Dhoot had an investment in NuPower Renewables, a company founded by Chanda Kochhar’s husband.
ICICI has assured that the inquiry proceedings initiated against Kochhar will remain unaffected by this development.
Ms. Kochhar began her career with ICICI Limited in 1984 as a management trainee and was elevated to the board of directors in 2001.
She was the joint managing director and the chief financial officer from 2007 to 2009 and was elevated as the managing director and CEO in 2009.
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