ICICI Bank appoints Sandeep Bakhshi as COO; Chanda Kochhar to go on leave

Bakhshi will report to Chanda Kochhar, who will continue in her role as MD and CEO. Bakhshi is at present the MD and CEO of ICICI Prudential Life Insurance Company.

New Delhi : The board of ICICI Bank has appointed Sandeep Bakhshi as whole-time director and chief operating officer (COO), to run the affairs of the private lender. Chanda Kochhar, managing director (MD) and chief executive officer (CEO), will be on leave, pending the probe.

The Bank in its statement says Mr. 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.

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.

The changes come amidst allegations of a quid pro quo in transactions between Videocon Industries, Kochhar and her husband’s company NuPower Renewables.

The bank board has appointed former Supreme Court judge B N Srikrishna to probe allegations of conflict of interest against Kochhar. It will be aided by a number of internal and external ‘experts’ to complete the investigation.

Prior to moving to the life insurance arm, Bakhshi was the deputy managing director of ICICI Bank. Bakhshi started his career with ICICI Limited in 1986. He looked after the corporate clients for the northern and eastern regions of ICICI Limited before joining ICICI Lombard in 2002.

ICICI Bank board also recommended to the board of directors of ICICI Prudential Life Insurance Company to appoint N S Kannan as the MD and CEO of the life insurer, subject to regulatory and other approvals.

Leave a Reply

Your email address will not be published. Required fields are marked *