After the board of management of Mumbai-based private sector lender, ICICI Bank approved the leave of its CEO Kochhar as a panel is currently probing her alleged connection to some of the borrowers and is said to not comply with the code of conduct. Meanwhile, the board has appointed COO for five years as Bakshi who was serving the bank's insurance arm as the MD and CEO.
Brokerages view Sandeep Bakshi to take the place of CEO Chanda Kochhar in her absence as defacto interim CEO.
During her leave, Bakshi will be held responsible to report to the Board but on her return post the annual planned leave, Bakshi will need to report to Chanda Kochhar who continues as MD and CEO of the Bank.
Bakhshi will take over as the COO from June 19, 2018, or on the date of regulatory and other approvals, whichever is later, it added. The bank said he will be responsible for handling all the businesses and corporate centre functions at the bank. "All executive directors on the board of ICICI Bank and the executive management will report to him."
The management rejig at the private lender is expected to cause turnaround in earnings and put more enriched focus on business operations.
Meanwhile, after the appointment of COO Sandeep Bakshi on the Boards of the bank as the whole-time director and COO, the stock in morning trade was lower, but have since then recovered some gains and at 2:17 pm was quoting at Rs.291.5 down by 0.34%.