The first woman to head India's second biggest private sector lender by assets Chanda Kochhar called time on her three decade carrer at ICICI even as a probe continues into alleged irregularities in granting of some loans during her nine-year chief executive tenure.
The board said the probe will remain unaffected by Kochhar's exit and certain benefits will be subject to the outcome of the enquiry.
ICICI Bank's board accepted Kochhar's plea for early retirement on Thursday, elevating cheif operating officers Sandeep Bakhshi to the CEO role for five years. Bakhshi who was acting as the de-facto CEO after Kochhar was send on leave, pending an independent investigation into allegations of conflict of interest in sancting the loans to Videocon Group.
ICICI Bank said in a statement "The Board of Directors accepted the request of Chanda Kochhar to seek early retirement from the bank at the earliest. The board accepted this request with immediate effect,"
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