Sandeep Bakhshi will take over the mantle of ICICI Bank’s Chief Executive Order (CEO) from Chanda Kochhar who stepped down from the top post on Thursday. Bakhshi was appointed as the bank’s Wholetime Director and Chief Operating Officer (COO) in June. He also served as the Managing Director and CEO of the bank’s insurance subsidiary, ICICI Prudential Life, before his appointment.
He began overseeing the bank’s operations after an independent probe commenced against Kochhar, who is facing allegations of quid pro quo and non-adherence of code of conduct and conflict of interest.
Bakhshi is a mechanical engineering graduate from Punjab Engineering College in Chandigarh and also has a management degree from Jamshedpur’s Xavier Labour Relations Institute (XLRI). He began his career at ICICI in 1986. Before joining ICICI Lombard in 2002, he looked after corporate clients for the bank’s Northern and Eastern regions. Business development, project appraisals, project monitoring and business re-structuring were among his key work responsibilities. He served as the Managing Director & CEO of ICIC Prudential Life Insurance Company since 2010. Bakhshi also served as Deputy Managing Director of ICICI Bank and MD & CEO of ICICI Lombard General Insurance.
Meanwhile, ICICI Bank board also recommended to the board of directors of ICICI Prudential Life Insurance Company to appoint N S Kannan as Managing Director & CEO of the company subject to regulatory and other approvals. Kannan is now Executive Director of ICICI Bank.