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ICICI Bank’s board divided over CEO Chanda Kochhar’s future

Some outside directors on the ICICI Bank Ltd are opposed to Chanda Kochhar continuing in her role as ICICI Bank’s Chief Executive Officer, sources said. However, ICICI Bank has denied the claim.

The board is now divided, confirmed sources, over whether to ask Chanda Kochhar to step down as federal authorities investigate allegations of fraud over loans made to Videocon group, sources said.

The board of the bank, which is India’s second-largest private sector bank, is expected to meet early this week to consider its next course of action, sources confirmed. Chanda Kochhar’s current tenure as CEO is to end on March 31, 2019.

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