Chanda stays on leave, COO gets ICICI charge

New Delhi, June 18

ICICI Bank on Monday announced that its CEO Chanda Kochhar would be on leave till the completion of internal inquiry against her in the Videocon loan matter and named Sandeep Bakhshi as Chief Operating Officer (COO), who would be handling all the businesses.

In a significant development, Bakhshi, who is currently MD and CEO of ICICI Prudential Life Insurance, would take over as the bank’s COO on June 19, subject to various approvals.

In line with the highest levels of governance and corporate standards, Kochhar has decided to go on leave till the completion of the inquiry as announced on May 30, the bank said in a filing.

“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.

“Bakhshi will report to Chanda Kochhar, who will continue in her role as MD and CEO of ICICI Bank,” the filing said. During Kochhar’s period of leave, Bakhshi would report to the board. She is already on a planned leave.

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. 

Last month, the bank had announced an independent inquiry into the allegations against Kochhar following a complaint from a whistleblower. The bank’s board also recommended the appointment of NS Kannan as MD and CEO of ICICI Prudential Life Insurance Company. — PTI