Chanda Kochhar quits ICICI Bank, Sandeep Bakhshi to be new MD and CEO

Bakshi's appointment will come into effect from October 3 for a period of five years.

New Delhi: ICICI Bank on Thursday announced that Chanda Kochhar has quit the bank with immediate effect and named Sandeep Bakhshi as MD and CEO of the company.

Kochhar has been facing an external enquiry against her in the Videocon loan matter. Kochhar and her family members are facing allegations of quid pro quo and conflict of interest with respect to a loan extended to the Videocon group.

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.

Kochhar had gone on leave till the completion of the enquiry as announced on May 30, 2018. The bank had announced an independent enquiry into the allegations against Kochhar following a complaint from a whistle-blower.