Chanda Kochhar to go on leave; Sandeep Bakhshi to helm ICICI Bank

ICICI Bank chief executive officer and managing director Chanda Kochhar has “decided” to go on leave until investigations into allegations of conflict of interest while sanctioning loans to certain corporate borrowers are complete.

Until June 1, the bank was maintaining that Kochhar would resume after a three-week annual vacation. However, on Monday, the bank’s Board finally bowed to intense criticism by allowing Kochhar to go on leave until the investigating committee headed by former supreme court judge B N Srikrishna gives her a clean chit.

“In line with the highest levels of governance and corporate standards, Chanda Kochhar has decided to go on leave till the completion of the enquiry as announced on May 30, 2018. The Board has noted and accepted this,” the bank said in a statement.

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The bank’s Board appointed ICICI Bank veteran Sandeep Bakhshi, who is the current MD and CEO of ICICI Prudential as chief operating officer (COO) and wholetime director of ICICI Bank. Bakshi will report to the Board while Chanda Kochhar is on leave, the bank statement added.

N S Kannan, executive director of ICICI Bank, will be appointed as the MD and CEO of ICICI Prudential Life Insurance Company, subject to regulatory and other approvals.

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“The Board of directors of ICICI Bank has decided to appoint Bakhshi, who will be responsible for handling all the businesses and corporate centre functions at the bank. All executive directors on the Board of ICICI Bank and the executive management will report to him. Bakhshi will report to Chanda Kochhar, who will continue in her role as MD & CEO of ICICI Bank,” ICICI Bank said in a release. Bakhshi will be appointed for a period of five years with immediate effect subject to regulatory approvals.

Bakhshi has been the MD and CEO of ICICI Prudential Life Insurance Company since August 01, 2010. Prior to this role, he was the deputy managing director of ICICI Bank. In this role, he headed the retail and subsequently, the wholesale business at the bank.

Source: DNA Money