Money & Banking

ICICI Bank says Chairman did not discuss any succession plan with shareholders

Surabhi | Updated on April 20, 2018 Published on April 20, 2018

ICICI Bank also said that the Chairman did not discuss any succession plan for executive management.

Board continues to support Chanda Kochhar as MD and CEO

Private sector lender ICICI Bank has said its board continues to support Managing Director and CEO Chanda Kochhar and has not discussed any succession plan with shareholders.

It was responding to a query from the bourses on the reported meeting of Non-executive Chairman of ICICI Bank, MK Sharma, on Wednesday with mutual fund houses to discuss the recent troubles at the private sector lender and investigations into the Rs 3,250-crore loan to the Videocon Group.

“The bank seeks to maintain regular dialogue with its shareholders. Given recent news reports and queries received from some shareholders, the Chairman of the board met a few institutional investors individually,” it said, adding that Sharma reiterated the view of the board as expressed in its statement of March 28.

The board had at that time reposed full faith and confidence in Kochhar and had said there was no question of any quid pro quo/nepotism/conflict of interest given the bank’s systems and processes.

In its clarification to the stock exchanges, ICICI Bank also said that the Chairman did not discuss any succession plan for executive management.

“In response to certain queries, he affirmed that the bank had a succession planning process in place as a normal part of management of the bank,” it said, adding that no material event or announcement occurred.

On Thursday, stock exchanges had sought a clarification from ICICI Bank on the reported meeting.

Published on April 20, 2018
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