The former ICICI Bank Chief Chanda Kochhar, 56, has resigned from the post of CEO and Managing Director. She has been on leave since June and being investigating for the charges of conflicts of interest. The investigation against Chanda Kochhar involves a loan of 3, 250 Crore INR to the Videocon Group that will not be affected, said the ICICI bank on its regulatory filing to the BSE i.e. Bombay Stock Exchange.
BREAKING NOW: ICICI Bank MD & CEO Chanda Kochhar quits with immediate effect. @BTVI @ICICIBank https://t.co/fDJhMLEDm2 pic.twitter.com/dqyPa9dXF1
— Nivrita Ganguly (@NivritaG) October 4, 2018
#JustIn | @ICICIBank : CHANDA KOCHHAR QUITS WITH IMMEDIATE EFFECT pic.twitter.com/diRzAVwRzj
— CNBC-TV18 (@CNBCTV18Live) October 4, 2018
The Chief Operating Officer of ICICI Bank, Sandeep Bakhshi will replace Chanda Kochhar and hold the position of CEO and MD as well.
#BREAKING | ICICI bank names Sandeep Bakhshi as MD, CEO for 5 years@ICICIBank #ChandaKochhar @CKforCleanIndia pic.twitter.com/tnzTdHYfS5
— ET NOW (@ETNOWlive) October 4, 2018
Chanda Kochhar quits ICICI Bank, Sandeep Bakhshi to succeed her as MD & CEO. Read more: https://t.co/ekDCGojlqi#ICICIBank #ChandaKochhar #SandeepBakhshi pic.twitter.com/qAh7LdG0bK
— moneycontrol (@moneycontrolcom) October 4, 2018
Chanda Kochhar quits. Markets seem to cheer it. How will it make ICICI any better? One monkey. Another monkey.
— R. Balakrishnan (@BalakrishnanR) October 4, 2018
#ChandaKochhar remembering what she said during demonetization. Those who supported the government that point in time were either fools or they had some reason to do that. pic.twitter.com/Qs2Fa9lSN2
— VM (@VModon) October 4, 2018
ICICI Bank stock surges as CEO Chanda Kochhar retires early. Look at that pic.twitter.com/KvmOx0l48h
— Jeanette Rodrigues (@Darkwyr) October 4, 2018
BREAKING: Chanda Kochhar out, after Board accepts her early retirement request. Sandeep Bakshi appointed new MD&CEO. @ICICIBank shares up nearly 5% post announcement. @NewIndianXpress pic.twitter.com/Cnyh0dKeNA
— Jonathan Ananda (@JonathanSAnanda) October 4, 2018
Churning close to final phase – for some banks. Shikha Sharma, Rana Kapoor, & now, Chanda Kochhar – the old guard churn. There are other Pvt. Sector banks which need to go through the same. Fresh people, fresh thoughts, & hopefully better corp governance, ethics & banking. pic.twitter.com/KqnOiHfwr1
— Gopal Kavalireddi (@gvkreddi) October 4, 2018
ICICI Bank board accepts Chanda Kochhar’s request for early retirement.
Read: https://t.co/mY90bjhu2I
Watch Live: https://t.co/Egg9HGiMKs pic.twitter.com/bxCFfEBrNT— BloombergQuint (@BloombergQuint) October 4, 2018
#BREAKING | @ICICIBank accepts CEO Chanda Kochhar’s resignation. Sandeep Bakhshi appointed as MD & CEO (ET NOW) pic.twitter.com/kr0Tzr9Tt2
— EconomicTimes (@EconomicTimes) October 4, 2018
Chanda Kochhar will also quit the boards of ICICI Bank Subsidiaries. In the year 2012, 3,250 Crore INR loan was granted to Videocon group. In March, a whistleblower alleged that Chanda Kochhar’s husband Deepak Kochhar and her family took advantage from this deal. The Bank has accused her of Nepotism but further, they have removed this allegation and has expressed their full-faith in her.
Former ICICI Bank Chairman N Vaghul on Chanda Kochhar stepping down as CEO.
Read: https://t.co/mY90bjhu2I pic.twitter.com/fzThCgKaQV
— BloombergQuint (@BloombergQuint) October 4, 2018
