ICICI Bank Chairman MK Sharma to Retire This Month, Bank to Have a Rotating Chairman?
In a significant development, Sandeep Bakhshi, who was the MD and CEO of ICICI Prudential Life Insurance, took over as the bank's COO on June 19.
Mumbai, June 22: ICICI Bank may have a system of rotating Chairman to head board meetings till a full-time Chairman is in place. According to a current Chairman MK Sharma will retire this month-end. After Sharma's term comes to an end, reportedly the board will nominate an independent director as chairman for its next meeting.
The other members in the board include- Dileep Choksi, Uday Chitale, Neelam Dhawan, M D Mallya, Radhakrishnan Nair and V K Sharma. This Board will play an important role, considering the bank's CEO Chanda Kochhar is on indefinite leave till the completion of external inquiry against her in the Videocon loan matter. In a significant development, Sandeep Bakhshi, who was the MD and CEO of ICICI Prudential Life Insurance, took over as the bank's COO on June 19.
Reportedly, now all the day-to-day operations and crucial decisions relating to resolution of large non-performing assets under the insolvency process will have to be taken by the top management led by newly-appointed Bakhshi.
(The above story first appeared on LatestLY on Jun 22, 2018 09:15 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).