Chanda Kochhar quits as ICICI Bank CEO, MD

Oct 4, 2018 16:33 IST
Chanda Kochhar quits as ICICI Bank CEO, MD

The ICCI Bank CEO and MD, Chanda Kochhar quit her position with immediate effect on October 4, 2018. The announcement came after her plea for early retirement was accepted by the bank.

Kochhar, who had headed ICICI Bank since May 2009, is also stepping down from the board of directors of its units. Her third term was set to end in March 2019.  Sandeep Bakhshi, who was appointed as the bank's COO in June 2018, has been named to succeed Kochhar as the bank’s new Managing Director and Chief Executive Officer.

Bakhshi has been appointed for a period of five years until October 3, 2023, subject to various approvals. He had previously taken the helm on an interim basis in June after Kochhar had been sent on leave pending an inquiry. He is a former head of the life insurance arm at ICICI Bank, which is India's third-largest lender by assets.

Meanwhile, ICCI Bank has clarified that Kochhar's post-retirement benefits would be subject to inquiry outcome. It also said that the enquiry proceedings initiated against Kochhar will remain unaffected by this development.

Controversy surrounding Kochhar

In June, Kochhar went on a forced leave till the completion of an independent investigation into charges of conflict of interest against her in a case of her husband being a beneficiary of loans from the bank’s borrowers.

The Central Bureau of Investigation (CBI) is currently probing into allegations that the ICICI Bank chief 's husband Deepak Kochhar's company NuPower Renewables received an investment from a Videocon group company as a quid pro quo for a loan from the bank.

 

About Chanda Kochhar

  Chanda Kochhar quits as ICICI Bank CEO,MD Kochhar was born in Jodhpur, Rajasthan in 1961 where she spent most of her early years.

After graduating in 1982, she studied cost accountancy from Institute of Cost Accountants of India. She received the JN Bose Gold Medal for highest marks in that year.

Kochhar joined ICICI Limited in 1984 as a management trainee. During her initial years at the bank, Kochhar handled project appraisal, while monitoring and evaluating projects in the petrochemical, textile, paper and cement industries.

In 1993, Kochhar was part of the core team that set up ICICI Bank and was promoted to assistant general manager in 1994. She was tasked with handling the newly-established Infrastructure Industry Group of the bank, which created industry expertise in areas of telecom, power and transportation.

In 1998, Kochhar was promoted as General Manager and made the head of the Major Clients Group, which was tasked with handling the bank’s top 200 clients. She also oversaw the STRATEGY AND e-commerce wing of the ICCI.

In July 2000, under the leadership of Kochhar, ICICI Bank entered the retail business and within a short span of around 5 years, the Bank emerged as one of the largest retail financers in India. In April 2001, she took over as Executive Director, heading the retail business in ICICI Bank.

In 2006, Kochhar started working on the bank’s international operations before becoming the Chief Financial Officer (CFO) and Managing Director (MD) in 2007. Just two years later, she was promoted and became the CEO, a position she has held since.

The 56-year-old has been a member of multiple organisations and boards which include IIIT Vadodara, National Institute of Securities Markets, Institute of International Finance, Prime Minister’s Council on Trade & Industry, the Board of Trade and High-Level Committee on Financing Infrastructure.

She also serves as the President of the International Monetary Conference and Deputy Chairman of the Indian Banks Association. In 2011, she was the co-chair of the World Economic Forum’s Annual Meeting in 2011.

Throughout her illustrious career, Kochhar has won many prestigious awards including the third-highest civilian award, Padma Bhushan.

She has also been ranked as most powerful women and professional by multiple publications including Fortune, Forbes and TIME magazine.

Important Current Affairs of August 2018

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Quick Digest

Who: Chanda Kochhar

What: Quits as ICICI Bank CEO , MD

When: October 4 , 2018

Is this article important for exams ? Yes
Read more Current Affairs on: Chanda Kochhar , ICICI Bank , Sandeep Bakhshi , CEO , Most Influential Women

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