Mumbai, The board of directors of ICICI Bank Ltd has accepted the request of Chanda Kochhar seeking early retirement from the Bank at the earliest.
Private sector lender on Thursday said that its board has accepted the request with immediate effect.
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.’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,’ the bank said in filing with BSE.
Separately, the bank said, due to health reasons MD Mallya, Independent Director, resigned from the board and the same was accepted.