ICICI Bank chief Chanda Kochhar quits, Sandeep Bakhshi takes over as new MD and CEO

The ICICI Bank board has decided to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer. Bakhshi's appointment will be for a period of five years until October 3, 2023, subject to various approvals.

Chanda Kochhar led ICICI Bank since 2009 and her third term was due to end in March 2019. Image source: Reuters

Months after a controversy first arose, ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect. Her request to seek early retirement was accepted by the bank's board, according to a regulatory filing. ICICI Bank stated, "The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry." ICICI Bank share price reacted positively and soared to Rs 315.60, up by Rs 11.90 (3.92%).

Meanwhile, the board has decided to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer. Bakhshi's appointment will be for a period of five years until October 3, 2023, subject to various approvals.

Kochhar led ICICI Bank since 2009 and her third term was due to end in March 2019. She joined the erstwhile ICICI Limited in 1984 as a management trainee. In her initial years, she handled the basic core function in ICICI, and later handled projects in various industries like Petrochemicals, Textile, Paper and Cement.

Born in Jodhpur, Rajasthan in 1961 where she spent most of her early years, Chanda Kochhar joined Jai Hind College in Mumbai for a Bachelor’s Degree in Arts. After graduating in 1982, Chanda Kochhar studied cost accountancy from Institute of Cost Accountants of India.
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Chanda Kochhar also completed her Masters in Management Studies from the Jamnalal Bajaj Institute of Management Studies, Mumbai.

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