The ICICI Bank on Monday announced that its CEO Chanda Kochhar will be on leave till the completion of the internal enquiry against her in the Videocon loan scam and named Sandeep Bakhshi as chief operating officer, who will handle all the businesses.
Bakhshi, who is currently MD and CEO of ICICI Prudential life Insurance, would take over as the bank’s COO on June 19, subject to various approvals.
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, the bank said in a filing.
“Bakhshi will be responsible for handling all the businesses and corporate centre functions at the bank. All executive directors on the board of ICICI Bank and the executive management will report to him.
During Kochhar’s period of leave, Bakhshi would report to the ICICI Bank board.
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.