An independent inquiry initiated by ICICI Bank had accused its former CEO Chanda Kochhar of violating bank’s code of conduct on Wednesday. Consequently, in the evening, ICICI treated her resignation as a “termination for cause”. This is how the first women CEO of a bank in the country reacted, scroll down for details!
On Wednesday evening, her resignation got treated as a “termination for a cause” after an independent probe accused her.
On Wednesday evening, ICICI’s board of the bank decided to treat Chanda Kochhar’s resignation as “termination for cause” under its internal policies and stop payment of her unpaid dues including bonus.
The inquiry report submitted by Justice (Retired) B N Srikrishna on the same day concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct on former CEO Chanda Kochhar’s part who also violated various other regulations.
Following this, the private lender decided to stop all unpaid retirement benefits and made certain to recover bonuses paid to her since 2009.
Here’s a look of first woman CEO of a bank in the country:
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