‘Baseless and misleading’: ICICI Bank denies report of MD and CEO Sandeep Bakhshi willing to quit
Upstox
2 min read • Updated: May 2, 2024, 12:37 PM
Summary
Calling the report ‘a figment of imagination’ and ‘completely baseless’ the private lender said that the rumour is being spread with malicious intent to harm the bank.
Private lender ICICI Bank on Thursday, May 2, rejected a media report that speculated that its Managing Director and CEO intends to step down.
ICICI Bank share price declined by more than 1% to ₹1138.65 per share on the NSE amid the market speculations about ICICI Bank CEO Sandeep Bakhshi’s exit.
Rejecting media reports about ICICI Bank CEO and MD Sandeep Bakhshi, India’s second largest private lender in an exchange filing clarified, “We would like to categorically deny the information published in the article regarding ICICI Bank’s MD allegedly expressing willingness to leave his position due to personal reasons.”
Calling the report ‘a figment of imagination’ and ‘completely baseless’ the private lender said that the rumour is being spread with ‘malicious intent’ to harm the bank.
“This information is figment of imagination and therefore, completely baseless and misleading. It appears that this rumour is being spread with an ulterior motive and malicious intent in order to harm the Bank and its stakeholders,” the bank added in a stock exchange filing, copies of which have been submitted to the New York Stock Exchange (NYSE), Singapore Stock Exchange, Japan Securities Dealers Association and SIX Swiss Exchange Ltd as well.
The Morning Context in a report titled as “ICICI Bank in a tizzy after CEO move comes out of left field” claimed that the bank’s MD and CEO Sandeep Bakhshi has indicated that he wants to be relieved as managing director and CEO of ICICI Bank.
Quoting three people with knowledge of the matter, the report said, “He has some personal emergency. That is why he wants to step down.”
The report claimed that banking regulator RBI is against Bakhshi leaving ICICI Bank and instead wants him to continue as long as possible. Bakhshi, 63, could stay another seven years, the report claimed.
ICICI Bank in September received approval from the Reserve Bank to re-appoint Bakhshi as MD and CEO. ICICI Bank shareholders had earlier approved the reappointment of Bakhshi, who has been with the bank since 2018. Bakhshi will remain at the helm till October 2026.