Chanda Kochhar has stepped down as the CEO of ICICI Bank after her request for early retirement was accepted by the Board of Directors of ICICI Bank. She has also resigned from the Board of Directors of other ICICI bank units, including ICICI Securities where she had asked for reappointment as the Chairperson. She has left amidst allegations of misuse of position at ICICI Bank in a manner that favored a particular corporate house. SEBI and the Central Bureau of Investigation (CBI) have also launched separate probes into these allegations and these will proceed regardless of the resignation.
Kochhar, 56 joined ICICI Bank in 1984 as a management trainee after completing her studies from the JBIMS, Mumbai and rose to become its CEO in 2009.
The board appointed Sandeep Bakshi as the new MD and CEO for a tenure of five years until October 3, 2023. Bakshi had already assumed the position on an interim basis after Kochhar went on leave in the wake of the pending inquiry. Interestingly, ICICI bank shares jumped up sharply on the news of her departure and closed 4.05% higher today (4th October 2018).