Mumbai, October 4: Chanda Kochhar has quit as the ICICI Bank's CEO & MD. The Board has accepted Kochhar's request for early retirement. Sandeep Bakhshi will become the new CEO & the MD of the bank. In June,  Bakhshi, was appointed as the whole time Director and Chief Operating Officer (COO) designate. Chanda Kochhar Quits as ICICI Bank MD, CEO, Board Accepts Her Request for Early Retirement.

Bakhshi was the MD and  CEO of ICICI Prudential Life Insurance will on Tuesday assume charge as the chief operating officer (COO) of the ICICI Bank. 57-year old Bakhshi will be the chief operating officer (COO) of the Bank for the next five years, subject to regulatory approvals.

Who is Sandeep Bakhshi; The Newly Appointed CEO & MD of ICICI Bank:

  1. Bakhshi, 57, started his career with ICICI in 1986 as an Officer in the Operations Department in the Northern Zonal office. He has a wide range of experience in both corporate and retail businesses across ICICI Group. His work responsibilities included business development, project appraisals, project monitoring and business restructuring.

  2. Bakhshi started his first job at a computer marketing company ORG Systems, in 1983.

  3. He served as a Deputy Managing Director and Head of Retail of ICICI Bank Ltd where he was responsible for the non-life insurance business of ICICI Group.

  4. 57-year old Bakhshi also served as the Chief Executive Officer and Managing Director of ICICI Lombard General Insurance Company Limited of ICICI Bank Ltd., since March 19, 2007 until April 30, 2009.

  5. The newly appointed COO of the ICICI Bank has obtained his bachelor’s degree in mechanical engineering from Punjab Engineering College, Chandigarh and a post-graduate degree in business management from Xavier Labour Relations Institute, Jamshedpur.

  6. After being handed over the charge of risk management for the Northern Zonal office, he looked after the corporate clients for the Northern and Eastern regions of ICICI Limited before joining ICICI Lombard in 2002.

  7. He served as the Chairman of the Board of ICICI Home Finance Company Limited from May 1, 2009 to April 8, 2010 and was also a Director of ICICI Securities Limited.

  8. Bakhshi served as an Executive Director of ICICI Lombard General Insurance Company Limited since May 1, 2009 until July 31, 2010. He served as an Executive Director of ICICI Bank Ltd. from May 1, 2009 to July 31, 2010.

  9. Bakhshi is a Mechanical Engineer from Punjab Engineering College, Chandigarh and has a post-graduate degree in Management from Xavier Labour Relations Institute Jamshedpur (XLRI).

  10. On a career front, Bakhshi had cleared National Defence Academy tests but did not pursue it. Moreover, the 57-year old in an interview had admitted that he has has a fascination towards wildlife.

Amid allegations of a conflict of interest over loans made to the Videocon Group, Chanda Kochhar has been enjoyed great support from the ICICI Bank board. Reports inform that the Bank’s chairman Venugopal Dhoot had business links with her husband Deepak Kochhar.

The bank said, in line with the highest levels of governance and corporate standards, Kochhar has decided to go on leave till the completion of the enquiry as announced on May 30, 2018.

For the unversed, 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. Kochhar, who is the subject of an inquiry into the alleged Videocon loan deal, will be on leave until the inquiry is completed.

(The above story first appeared on LatestLY on Oct 04, 2018 02:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).