ICICI Bank CEO Bakhshi gets only two-year extension from board
MUMBAI: The board of the second largest private sector lender ICICI Bank Friday has extended the current chief executive Sandeep Bakhshi's term by just two years to October 2028 as against the normal practice of a three-year extension.
Bakhshi has been in the corner office of the bank since the unceremonious firing of his predecessor Chanda Kochhar in October 2018 after corruption allegations in extending loans to the now crippled Videocon group through her husband.
“The board of the bank today approved a two-year extension for the managing director and chief executive Sandeep Bakhshi, allowing him to continue in his position until October 3, 2028,” the bank informed the exchanges. His current term ends on October 3, 2026.
At the earnings presser Saturday, both Bakhshi and executive director Sandeep Batra refused to offer explanations on the curtailed tenure, saying the board in consultation with the CEO felt it was appropriate to approve a two-year extension.
The decision was taken by the bank’s board at its meeting held on January 17, and is subject to regulatory and shareholder approvals, according to an exchange filing, he added.
Bakhshi was appointed managing director and chief executive in October 2018, with his term earlier extended until October 2026.
Meanwhile, the board also extended the tenure of another executive director Ajay Kumar Gupta for a period of two years until November 26, 2028, subject to the approvals.
It may be recalled that Kochhar had become the first woman head of the then largest private bank in May 2009, following the retirement of her mentor and the first CEO of the bank KV Kamath. The board first sent her on compulsory leave in June 2018 and fired her on October 4, 2018, following a CBI investigation into alleged conflict of interest and corruption related to loans granted to the Videocon Group, which involved investments in her husband's company.
This resignation followed an internal probe and her earlier leave of absence, marking a significant fall from grace for the celebrated banker.
Following this, Bakhshi succeeded her for a five-year term which was renewed for three years in 2023.
In July 2025, a tribunal found her guilty in a bribery case related to these loans. Her challenge to this conviction is pending in the apex court.
Kochhar was sent on leave from June 2018, and the bank fired her before the Srikrishna committee's probe findings were officially released which found loans given by ICICI Bank to Videocon Group companies had reciprocal benefits, including investments in her husband Deepak Kochhar's company.
Kochhar was a prominent banker and was seen as a role model for women in business. Her exit concluded a career that began at ICICI in 1984 and was instrumental in building the retail business, becoming joint MD & CFO before her CEO appointment.