Chanda Kochhar goes on leave, ICICI Bank names Sandeep Bakhshi as COO

“According to the press release, Chanda Kochhar has decided to go on leave rather than board asking her to go on leave. This shows that the board is a weak board and could not take an independent decision. There was a chance before the board to redeem itself but sadly, it appears that the board is singing to the tune of CEO Kochhar,” said Shriram Subramanian, founder and managing director of proxy firm InGovern Research. “Of course, the board has given a graceful exit to Kochhar since the probe is not a time-bound investigation and the CEO’s term ends in March next year,” said Subramanian.