ICICI chief executive officer Chanda Kochar has resigned from the bank’s top post, the company said in regulatory filings on Thursday.

The Board has decided to appoint Sandeep Bakhshi, the bank’s chief operating officer as managing director and chief executive officer. He gets a five-year term.

The inquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry, it said.

“The Board of Directors of ICICI Bank Limited, accepted the request of Ms Chanda Kochhar to seek early retirement from the Bank at the earliest,” ICICI said in a communication to the Bombay Stock Exchange.

The Board accepted this request with immediate effect.

Kochhar will also relinquish office from the Board of Directors of the Bank’s subsidiaries

Separately, the communication said, due to health reasons Mr MD Mallya, independent director, resigned from the Board and the same was accepted.