Chanda Kochhar quits as ICICI Bank chief

ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar has decided to resign from her post even as the one-member committee that was set up look into allegations of conflict of interest is yet to submit its finding.

The bank has appointed Sandeep Bhakshi as the new CEO and MD with a five-year term.

In a notification to exchanges, the ICICI Bank said Ms. Kochhar wanted an early retirement and it was immediately accepted by the board.

She will also relinquish control of all the other boards of the subsidiaries of the bank.