ICICI Bank announced that Chanda Kochhar has quit the bank with immediate effect and named Sandeep Bakhshi as MD and CEO of the company. Kochhar had led the bank since 2009 and her third term was due to end in March 2019. Kochhar was instrumental in building the nascent retail business at ICICI bank focusing largely on technology, innovation, process engineering and expansion. Today, it is one of India’s largest banks that is at the helm of digital innovation and implementation.
Nonetheless, Kochhar has been facing an external enquiry against her in the Videocon loan matter. Kochhar and her family members are facing allegations with respect to a loan extended to the Videocon group, according to sources.
From a trainee to managing director of India’s largest commercial bank, the journey of Chanda Kochhar is phenomenal and an inspiration to many women executives who aspire to fly high in their careers. The youngest CEO and first woman to head ICICI bank, Kochhar is widely recognized for her role in shaping retail banking in India. Under her leadership, ICICI bank was declared as the best retail bank in India for five consecutive years. Apart from her role in ICICI, Kochhar also heads strategic positions in global financial institutions. Kochhar was conferred with the Padma Bhushan, one of India’s highest civilian honors, for her contribution in the banking sector in 2011. Kochhar has also consistently figured in Fortune’s list of “Most Powerful Women in Business” since 2005.
Sandeep Bakshi, who until now held the position of the COO of ICICI Bank, is an ICICI veteran who has spent over 30 years with the organization. Bakhshi joined ICICI in 1986 at a time when it was just a development financial institution. He has seen the financial institution evolve into full-fledged bank. He built the general insurance business from scratch, which he joined in 2002. He also groomed a start-up when nobody understood insurance.
Bakshi’s appointment will come into effect for a period of five years until October 3, 2023, ICICI said in a BSE filing. “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,” the bank said.