Chanda Kochhar QUITS as the CEO of ICICI Bank!

MD and CEO of ICICI Bank, Chanda Kochhar has resigned with immediate effect. Sandeep Bakshi has been appointed as the new MD and CEO.

Chanda Kochhar Chanda Kochhar QUITS as the CEO of ICICI Bank! Source : Press

MD & CEO of ICICI Bank, Chanda Kochhar has now called it quits after the Videocon loan saga took the ultimate toll. A veteran with the company for almost 34 years, Chanda announced her decision to leave the bank with immediate effect.

The board said "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."

Sandeep Bakhshi is appointed as the new MD & CEO for the next five years with effect from October 3. However, the other terms and conditions of his appointment, such as his remuneration will remain unchaged.

"I'm sure the bank would have consulted RBI before this announcement, and hence, the Reserve Bank will not have any objection. In any case, Chanda Kochhar should have retired by March," said N Vaghul former CMD of ICIC Bank.

"Earlier in April, a second Income Tax notice has been sent to ICICI Bank MD-CEO Chanda Kochhar's husband Deepak Kochhar. The notice asked Deepak Kochhar to explain his personal income and had been served under Section 139 (9) of the I-T Act. He has been asked to respond within 15 days of receiving the notice" quoted a leading daily.

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