Chanda Kochhar goes on leave: Sandeep Bakhshi has been appointed the Chief Operating Officer (COO) of the ICICI Bank after Chanda Kochhar, the existing CEO, decided on Monday to go on leave till an independent investigation against her is completed.
Chanda Kochhar on leave: Sandeep Bakhshi has been appointed as the wholetime-director and Chief Operating Officer (COO) of the ICICI Bank after Chanda Kochhar decided on Monday to go on leave till an independent probe against her is completed. Sandeep Bakhshi is widely speculated to take over as the next MD and CEO of ICICI Bank as Chanda Kochhar’s term is coming to an end in March 2019, The Indian Express reported. Chanda Kochhar, the existing Managing Director and CEO of the bank, is facing allegations of quid pro quo and non-adherence of code of conduct and conflict of interest.
Who is Sandeep Bakshi?
Since 1 August, 2010, Sandeep Bakshi has been the Managing Director & CEO of ICICI Prudential Life Insurance Company. He holds a lot of experience in the fields of both corporate and retail businesses across the ICICI Group. It was in 1986 that Sandeep Bakshi started his professional career.
“He will take over as the COO from June 19, 2018, or on the date of regulatory and other approvals, whichever is later. Mr. 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.
Mr. Bakhshi will report to Ms. Chanda Kochhar, who will continue in her role as MD & CEO of ICICI Bank,” ICICI Bank said in its official filing.
Before moving to the Bank, Mr. Bakhshi was the MD & CEO of ICICI Lombard General Insurance. Mr. Bakhshi is a Mechanical Engineer from Punjab Engineering College, Chandigarh and has a post-graduate degree in management from Xavier Labour Relations Institute (XLRI), Jamshedpur.