India’s third largest bank ICICI, in the board meeting on Thursday, has accepted the request of 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,” the bank said in a press statement.
Kochhar will also relinquish office from the Board of Directors of the Bank’s subsidiaries.
The Board decided to appoint Sandeep Bakhshi as Managing Director & Chief Executive Officer. 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, due to health reasons MD Mallya, Independent Director, resigned from the Board and the same was accepted.
Kochhar, 56, who had headed ICICI Bank since May 2009, is also stepping down from the board of directors of its units, the bank added.
“This is a positive development…and it points to a better outlook going forward,” Lalitabh Shrivastawa, a banking analyst with brokerage firm Sharekhan, told television channel ET NOW