ICICI appoints Sandeep Bakhshi as COO as Chanda Kochhar goes on leave

ICICI appoints Sandeep Bakhshi as COO as Chanda Kochhar goes on leave

In a major management reshuffle, the ICICI Bank on Monday announced the appointment of Sandeep Bakhshi as the Wholetime Director and Chief Operating Officer-designate, ICICI Bank.

His appointment as COO will be for a period of five years, subject to regulatory approvals. He will take over as the COO on Tuesday or on the date of regulatory and other approvals, whichever is later, the ICICI Bank said in a statement issued to media.

The announcement confirms the day-long buzz over the reshuffle. The bank also announced that Chanda Kochhar, the current CEO will proceed on leave till the completion of Videocon case probe.

‘In line with the highest levels of governance and corporate standards, Ms. Chanda Kochhar has decided to go on leave till the completion of the enquiry as announced on May 30, 2018. The Board has noted and accepted this. During her period of leave, the COO will report to the Board, ICICI’s statement said.

Bakhshi, a prominent name in ICICI’s top management, has been the Managing Director and CEO, of ICICI Prudential Life Insurance Company, since August 01, 2010. During his tenure, ICICI Prudential Life Insurance Co has been a leading private life insurance company in the country. Prior to this role, Bakhshi was the Deputy Managing Director of ICICI Bank. In this role he headed the retail and subsequently the wholesale business at the Bank. Before moving to the Bank, Mr. Bakhshi was the MD & CEO of ICICI Lombard General Insurance. Under his leadership, ICICI Lombard grew to be a leading private general insurance company in the country.

Bakhshi has extensive experience of leading both corporate and retail businesses across ICICI Group. He started his career with ICICI Ltd in 1986. He looked after the corporate clients for the Northern and Eastern regions of ICICI Limited before joining ICICI Lombard in 2002. His work responsibilities included business development, project appraisals, project monitoring and business re-structuring.

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.

In other news, ICICI Bank Board also recommended to the Board of Directors of ICICI Prudential Life Insurance Company to appoint NS Kannan as the Managing Director & Chief Executive Office (CEO) of the company subject to regulatory and other approvals.

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