ICICI asks Chandra Kochhar to go on leave till inquiry on favouritism ends
Mumbai: Amid charges of favouritism and conflict of interest, ICICI Bank Chief Executive Officer Chanda Kochhar has been asked to go on leave to facilitate a fair probe into the controversy, as the leading private bank group’s life insurance head Sandeep Bakhshi is appointed its COO.
The Board of Directors of ICICI Bank Limited (NYSE: IBN) has at its meeting Monday decided to appoint Sandeep Bakhshi, as Wholetime Director & Chief Operating Officer designate, ICICI Bank.
His appointment as COO will be for a period of five years, subject to regulatory approvals. He will take over as the COO from June 19, 2018, or on the date of regulatory and other approvals, whichever is later, the company said in a release.
It said Bakhshi will be responsible for handling all the businesses and corporate centre functions at the Bank. All Executive Directors on the Board of ICICI Bank and the executive management will report to him. Mr. Bakhshi will report to Ms. Chanda Kochhar, who will continue in her role as MD & CEO of ICICI Bank.
Kochhar was embroiled in an allegation of providing loans to Videocon Industries with which her husband Deepak Kochhar was reportedly connected.
"In line with the highest levels of governance and corporate standards, Ms. Chanda Kochhar has decided to go on leave till the completion of the enquiry as announced on May 30, 2018. The Board has noted and accepted this. During her period of leave, the COO will report to the Board," it said..
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