India’s ICICI Bank MD Chanda Kochhar Quits

India’s ICICI Bank managing director (MD) Chanda Kochhar has resigned from the lender with immediate effect on Thursday (4).

The board of the lender has accepted the request from Kochhar for early retirement from the service.

“The board of directors of the ICICI Bank Limited accepted the request of Chanda Kochhar to seek early retirement from the bank at the earliest. 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. Kochhar will also relinquish office from the board of directors of the bank's subsidiaries,” said ICICI Bank in regulatory filing.

The board of the bank has decided to appoint Sandeep Bakhshi as its MD and Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023.

Following some health reasons MD Mallya, Independent Director of the ICICI bank has resigned from the board and his resignation has been accepted by the bank, the lender added in its regulatory filing.