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ICICI Bank CEO and Managing Director Chanda Kochhar, who has been in the midst of allegations of corporate misconduct and quid pro quo in certain loans, has opted for early retirement.
“The board of directors of ICICI Bank Ltd accepted the request of Chanda Kochhar to seek early retirement from the bank. The board accepted this request with immediate effect,” ICICI Bank said in a regulatory filing on Thursday after a meeting of the board of directors.
ICICI Bank shares jumped as much as 5.7 per cent to Rs 320.90 against the previous close of Rs 303.60. At 2.20 pm local time, the stock was trading up 3.79 per cent at Rs 315.10.
The board has also decided to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals.
Kochhar will also relinquish office from the board of directors of the bank's subsidiaries, it added.
“The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry,” it further said.
Separately, due to health reasons MD Mallya, Independent Director, resigned from the board and the same was accepted.
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