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MUMBAI: The RBI has approved the reappointment of Sandeep Bakhshi as managing director & CEO of ICICI Bank for another three years until October 3, 2026.
The private bank’s shareholders had approved his reappointment in the annual general meeting held on August 30. The board had recommended another three-year term for Bakhshi in their meeting in October 2022.
The 63-year-old Bakhshi had taken over as ICICI Bank’s MD & CEO in October 2018 after Chanda Kochhar had stepped down following investigations into loans to the Videocon group. After completing a three-year term, the banking regulator had approved his reappointment for another two years until October 2023.
In the last five years, Bakhshi has maintained a very low profile, rarely attending public events, but has delivered in terms of financial performance. In FY23, the bank reported its highest-ever net profit of Rs 31,986 crore, and its market capitalisation hit a high of over Rs 7 lakh crore. There has also been a marked improvement in the bank’s asset quality with the lender shunning risky chunky loans to corporates. Bakhshi also brought about a cultural change in the organisation eliminating the ‘bell curve’ in employee appraisals.
Before becoming CEO, Bakhshi was the MD & CEO of ICICI Prudential Life Insurance. He had also headed ICICI Lombard General Insurance – the non-life subsidiary of the bank.
The private bank’s shareholders had approved his reappointment in the annual general meeting held on August 30. The board had recommended another three-year term for Bakhshi in their meeting in October 2022.
The 63-year-old Bakhshi had taken over as ICICI Bank’s MD & CEO in October 2018 after Chanda Kochhar had stepped down following investigations into loans to the Videocon group. After completing a three-year term, the banking regulator had approved his reappointment for another two years until October 2023.
In the last five years, Bakhshi has maintained a very low profile, rarely attending public events, but has delivered in terms of financial performance. In FY23, the bank reported its highest-ever net profit of Rs 31,986 crore, and its market capitalisation hit a high of over Rs 7 lakh crore. There has also been a marked improvement in the bank’s asset quality with the lender shunning risky chunky loans to corporates. Bakhshi also brought about a cultural change in the organisation eliminating the ‘bell curve’ in employee appraisals.
Before becoming CEO, Bakhshi was the MD & CEO of ICICI Prudential Life Insurance. He had also headed ICICI Lombard General Insurance – the non-life subsidiary of the bank.
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