The Silicon Review ^Asia

ICICI Bank has made an announced that it has appointed a new Managing Director and CEO for a period of five years. The bank got the approval of RBI on Tuesday.

The bank’s previous MD and CEO Chanda Kochhar resigned from the positions earlier this month and Sandeep Bakshi took over the positions. He will continue to serve until October 3, 2023 (5 years). Previously, Sandeep Bakshi was the COO of ICICI.

Chanda Kochhar faced enquiry over nepotism and conflict of interest. On October 4, he stepped down as the MD and CEO of ICICI bank. He had another six months before his tenure was to end.

According to ICICI, Bakshi joined the bank in 1986. While filing in BSE, the bank also stated that RBI has approved the appointment of Sandeep Bakshi as the new MD and CEO of ICICI for five years witheffective from October 15, 2018.

Sandeep Bakshi previously served as the CEO and MD of the bank’s insurance sector. He was appointed the positions on Aug 1st, 2010. There were a lot of transformations like creating new products, re-engineering the distribution system and enhancing productivity process under Bakshi’s leadership.

The other candidate for the MD and CEO postion was Mr. N.S. Kannari. He was recommended by the Board of Directors, subjected to regulatory and other approvals.

It will be interesting to see how the new MD and CEO will manage the banking corporation.