ICICI Bank accepts Chanda Kochhar's request for an early retirement

Sandeep Bakhshi to succeed as MD & CEO of the bank

ICICI Bank on Thursday informed stock exchanges that it had accepted its managing director and chief executive officer Chanda Kochhar’s request for a retirement from the bank at the earliest. 

Kochhar will also quit the boards of directors of the bank and its various subsidiaries. 

“The board of directors of ICICI Bank Limited accepted the request of Ms Chanda Kochhar to seek early retirement from the Bank at the earliest. The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry. Ms Kochhar will also relinquish office from the board of directors of the bank's subsidiaries,” the bank said in its statement.

ICICI Bank added that it had decided to appoint Sandeep Bakhshi as its MD & CEO. “His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals. The other terms and conditions of his appointment, such as remuneration, would remain unchanged.”

Separately, ICICI Bank added that the resignation of independent director M D Mallya had also been accepted.