The private lender ICICI Bank has decided to say goodbye to MD & CEO Chanda Kochhar with immediate effect. Kochhar who has been trapped in a controversy, requested for an early retirement from ICICI Bank. The bank accepted the resignation of Kochhar allowing her to seek early retirement. Kochhar will also relinquish office from the Board of Directors of the Bank's subsidiaries.  Interestingly, its share price has been trading on a positive note, so much so, that ICICI Bank has become the top gainer. ICICI Bank jumped by nearly 6% with an intraday high of Rs 320.90 per piece. However, at around 1500 hours, the bank was trading at Rs 313.50 per piece up by 3.26% on BSE. 

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In the place of Chanda Kochhar, ICICI Bank has brought in Sandeep Bakhshi as Managing Director & Chief Executive Officer for a period of 5 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.  

Who is Sandeep Bakhshi? 

Bakhshi grew up in a defence services family and attended several schools and colleges across India before completing his management studies from XLRI in Jamshedpur.

He has been with the ICICI Group for 32 years and has handled various assignments in ICICI Limited, ICICI Lombard General Insurance, ICICI Bank and ICICI Prudential Life Insurance. 

The Board at its Meeting held on June 18, 2018 had appointed him as Wholetime Director and Chief Operating Officer (designate) effective from June 19, 2018 or the date of receipt of RBI approval for such appointment, whichever was later.

RBI vide its letter dated July 31, 2018 has approved his appointment as Wholetime Director designated as Chief Operating Officer (COO) of the Bank effective July 31, 2018.