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ICICI bank names Sandeep Bakhshi as COO, CEO Chanda Kochhar to go on leave

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ICICI bank has appointed Sandeep Bakhshi as COO (Chief Operating Officer) and whole time director of the bank. The current CEO and MD, Chanda Kochhar will be on an indefinite leave till completion of the inquiry.

Bakhshi’s appointment will be for a period of 5 years and he will take over as COO from 19 June 2018.

Kochhar has volunteered to go on leave till the completion of the probe, instituted to examine allegations of conflict of interest against her. The probe will seek to determine alleged wrongdoing in the sanctioning of Rs.3,250 Crore ICICI loan to the Videocon Group.

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Bakhshi has been the MD and CEO of ICICI Prudential Life Insurance Company for 8 years. He has headed both retail and corporate businesses across the ICICI Group. Before moving to the bank, he had served as the MD and CEO of ICICI Lombard General Insurance. Now he will be the most senior most official at ICICI Bank after Kochhar.

Read:

Explained: Allegations on ICICI’s CEO Chanda Kochhar (Part 1)

Explained: Allegations on ICICI’s CEO Chanda Kochhar (Part 2)

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