ICICI CEO cum MD Chanda Kochhar resigns from her designation before her retirement

Chanda Kochhar, an inspirational woman who is the first woman to head India’s second-biggest private sector ICICI, on 4th October 2018 stepped down from the position of CEO and MD and on her place now Sandeep Bakhshi has been appointed the new CEO of the respective bank. She owned the position from 1 Nov 2009 and finally quits on 4th October 2018. Her 9 years long journey was commendable.

She is widely known for her role in shaping retail banking in India, but she made a request of early retirement which was accepted by ICICI.

ICICI Bank said in a statement, “The inquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the inquiry.”

Former chairman N Vaghul said, “The essential problem at ICICI was not the question of growth: The retail part was growing and the retail book is clean. The corporate book was under stress because of a variety of factors that have affected all corporate lenders. I am sure ICICI would have by now recognized all the bad debts and from now, I think they are poised for growth."

“I have great admiration for the way Chanda has managed the bank all these years. It is a pity that Chanda is going amid allegations,” said N Vaghul.

She is a role model and paragon of many young bankers and she is among the first women chief executive officer. The bank’s stock at one time rose 6% to Rs 318.60 before cooling down to end at Rs 315.80 on the BSE. The Sensex, on the other hand, became 2.24% to 35,169 points, as per the share market approximation. Now till 2023, Sandeep Bakshi will hold the designation of the CEO of ICICI bank, subject to regulatory and other approvals.

Courtesy

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by Shifa Naz | Fri, Oct 05 - 12:30 PM

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