A Peek Into The Career And Exit Of ICICI Bank's Ex-CEO Chanda Kochhar
Chanda Kochhar, who headed ICICI Bank for nine years, has quit amid an investigation against her on charges of conflict of interest, the lender said on Thursday. The resignation of Ms Kochhar came after her role was questioned in the grant of a loan of Rs 3,250 crore to the Videocon Group. Ms Kochhar, who sought early retirement, has also stepped down from the board of directors of the lender's other units, it said in a regulatory filing.
In May 2018, the ICICI board had set up an independent external probe panel after allegations surfaced that Ms Kochhar had violated the bank's code of conduct. A whistleblower alleged that Ms Kochhar, her husband Deepak Kochhar and their family had benefitted from dealings with the Videocon Group, which got the loan in 2012.
Chanda Kochhar, 56, took charge of ICICI Bank in May 2009.
Ms Kochhar began her career with the erstwhile ICICI Limited in 1984 and was elevated to the Board of Directors of ICICI Bank in 2001. During 2006-2007, she led the bank's corporate and international banking businesses. From 2007 to 2009, she was the Joint Managing Director and Chief Financial Officer of the bank. She was elevated as the Managing Director and CEO of ICICI Bank in 2009.
Ms. Kochhar is also a member of the India - Japan Business Leaders Forum, the US-India CEO Forum and the Board of Trade. She is also the Deputy Chairman of the Indian Banks Association. She was the President of the International Monetary Conference, an organization that annually brings together the chief executives of approximately 70 of the world's largest financial institutions from 30 countries, along with officials from government institutions in 2015-16.
Ms. Kochhar has been a member of the Prime Minister's Council on Trade & Industry, the Board of Trade and High-Level Committee on Financing Infrastructure. She was also the co-chair of the World Economic Forum's Annual Meeting in 2011.
Ms. Kochhar received an honorary Doctor of Laws from Carleton University, Canada in 2014. She was conferred with the Padma Bhushan, one of the country's highest civilian honours, in 2011. She has been featured in 'The World's 100 Most Powerful Women' list by Forbes International for seven consecutive years and the 'Most Powerful Women in Business' list by Fortune India for five consecutive years.
ICICI Bank, the country's third largest lender by assets, will now be led by Sandeep Bakhshi, who has been appointed the chief executive officer (CEO) for a term of five years.
