India’s Multinational bank ICICI’ s Managing Director Chanda Kochhar has resigned from the bank with immediate effect.
The Board has accepted Chanda Kochhar’s request of early retirement .
“The Board of Directors of ICICI Bank Limited, accepted the request of Ms Chanda Kochhar to seek early retirement from the Bank at the earliest,” informed the board of ICICI to Bombay Stock Exchange.
The 56-year old was investigated for alleged conflict of interests. However, bank informed that it has decided to take up an independent inquiry into the allegations.
The board has decided to appoint Sandeep Bhakshi as the new Managing Director and CEO . He will be in the office for the period of 5 years, that is till October 3, 2023, subject to regulatory and other approvals.
Other terms and conditions regarding his appointment remains unchanged.