Chanda Kochhar Steps Aside For Conflict Probe Duration

Chanda Kochhar Steps Aside For Conflict Probe Duration

Eighty-three days after reposing “full faith and confidence” in ICICI Bank’s MD and CEO Chanda Kochhar and stating there was “no question of any quid pro quo/nepotism/conflict of interest”, the board of India’s largest private sector bank on Monday announced that she “has decided to go on leave till the completion of the enquiry” by former Supreme Court judge B N Srikrishna into conflict-of-interest allegations against her.

The announcement comes in the wake of speculation that she would be asked to step aside and that Sandeep Bakhshi, MD and CEO of ICICI Prudential Life, would be brought in to hold the fort. The board has now named him chief operating officer. Bakshi (57) will handle the entire range of businesses and all executive directors will report to him.

While an official communique says he will report to Kochhar “who will continue in her role as MD and CEO”, it later goes on to say that “during her period of absence he will report to the board”. Read More

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