With immediate effect
The Board of Directors of ICICI Bank at its meeting held on 04 October 2018 accepted the request of Chanda Kochhar to seek early retirement from the Bank at the earliest. The Board accepted this request with immediate effect.The enquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry. Kochhar will also relinquish office from the Board of Directors of the Bank's subsidiaries.
The Board decided to appoint Sandeep Bakhshi as Managing Director & Chief Executive Officer. His appointment will be for a period of five years until 3 October 2023, subject to regulatory and other approvals.
Separately, due to health reasons MD Mallya, Independent Director, resigned from the Board and the same was accepted.
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