ICICI accepts Chanda Kochhar's early retirement request

Chanda Kochhar has quit ICICI Bank as CEO following the acceptance of her request for early retirement. Kochhar, whose current five-year tenure as CEO was to end on March 31, 2019, will also relinquish office from the Board of Directors of the Bank's subsidiaries.

The decision was made following a meeting of the Board of Directors of ICICI Bank held on October 4.

The Board has decided to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer. An official statement from the bank stated that Bakhshi’s 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.

The statement also mentioned that the enquiry instituted by the Board against Kochhar on charges of favouritism and impropriety will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry.

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