ICICI Bank MD and CEO Chanda Kochhar has quit the bank with immediate effect. Kochhar led ICICI Bank since 2009 and her third term was due to end in March 2019. Sandeep Bakhshi, who was appointed the bank’s COO in June, will succeed Kochhar. “The Board of Directors of ICICI Bank 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 company informed the bourses on Thursday. Meanwhile, the bank said independent director MD Mallya has resigned from the board.
In June, Kochhar went on an indefinite leave pending an external enquiry against her on allegations of conflict of interest and quid pro quo charges relating to a loan given to Videocon group. Allegations of impropriety against her were first raised in October 2016 by an ICICI Bank shareholder, who alleged a quid pro quo on Kochhar’s part as ICICI Bank had granted loans to Videocon Group, whose promoter Venugopal Dhoot had investments in NuPower Renewables, which is owned by Chanda’s husband Deepak Kochhar.