Chanda Kochhar has resigned today as CEO of ICICI Bank. Kochhar will be replaced by Sandeep Bakhshi, who currently serves as executive director and chief operating officer at ICICI Bank.

Kochhar, 56, had requested for early retirement and will relinquish office from the board of directors with immediate effect, the bank said.

ICICI Bank also clarified that the ongoing probe into allegations of financial impropriety and conflict of interest against her will remain unaffected.

“The enquiry instituted by the Board will not be affected by this and certain benefits will be subject to the outcome of the enquiry,” the board said in a statement.

Sandeep Bakhshi’s appointment as Managing Director and Chief Executive Officer was decided by Board of Directors. His appointment will be for a period of five years until October 3, 2023.