Thursday, October 4, 2018
The Managing Director and Chief Executive Officer Chanda Kochhar of ICICI Bank quit the post.
This development comes at a time the Srikrishna Committee that is probing charges of conflict of interest against her is yet to officially submit its findings to the bank’s board. The lender has named Sandeep Bakshsi as the new MD & CEO and handed him a five-year term till October 3, 2023. The appointment is subject to regulatory approvals.
M.D.Mallya, an independent director has also resigned from the board for health reasons. Bakhshi was appointed as the Chief operating officer in June after the bank constituted a committee headed by Justice B.N.Srikrishna (retd.,) to look into the allegations of conflict of interest against Kochhar. She had gone on leave after the committee was formed.