ICICI Bank MD and CEO Chanda Kochhar has quit the bank today with immediate effect. Sandeep Bakhshi will replace her.


In a statement to the bourses, the Board of Directors of ICICI Bank Limited, said it had 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 statement said that 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


Her successor Sandeep Bakshi's appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals. The other terms and conditions of his appointment, such as remuneration, would remain unchanged.