Better late than…

Chanda Kochhar's exit was long overdue

It speaks volumes for shareholder sentiment that the ICICI Bank stocks soared over four per cent when news of Chanda Kochhar’s early retirement, with immediate effect, as chief executive officer (CEO) hit the markets. Ms Kochhar’s decision, which has been accepted by the board and a successor —Sandeep Bakhshi — swiftly announced, has ended the state of limbo in which the country’s second largest private sector bank has wallowed ever since the conflict of interest controversy broke six months ago. Ms Kochhar’s exit was long overdue, not least because neither she nor the board adequately or transparently countered the conflict