Chanda Kochhar out on leave, Sandeep Bakhshi in as COO of ICICI Bank
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.
ICICI Bank chief executive officer and managing director Chanda Kochhar will go on leave until investigations into the 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 BN 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. 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 Kochhar is on leave, the bank statement added.