The board of directors of ICICI Bank on Thursday accepted Chanda Kochhar request to seek early retirement from the Bank at the earliest.
In a filing to BSE, the bank said its board has accepted the request with immediate effect.
Following the development, the stock rose 5.23 per cent to hit a high of Rs 319.50 on BSE.
The bank said that the enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry.
Kochhar will also relinquish office from the board of directors of the bank's subsidiaries The board decided to appoint Sandeep Bakhshi as Managing Director & Chief Executive Officer, It said.
“His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals. The other terms and conditions of his appointment, such as remuneration, would remain unchanged,” he said.
Separately, the bank said, due to health reasons MD Mallya, Independent Director, resigned from the board and the same was accepted.
In a filing to BSE, the bank said its board has accepted the request with immediate effect.
Following the development, the stock rose 5.23 per cent to hit a high of Rs 319.50 on BSE.
The bank said that the enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry.
Kochhar will also relinquish office from the board of directors of the bank's subsidiaries The board decided to appoint Sandeep Bakhshi as Managing Director & Chief Executive Officer, It said.
“His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals. The other terms and conditions of his appointment, such as remuneration, would remain unchanged,” he said.
Separately, the bank said, due to health reasons MD Mallya, Independent Director, resigned from the board and the same was accepted.