ICICI Bank board today announced for a) appointment of Mr. Sandeep Bakhshi (currently COO) as MD & CEO of the bank for 5 years (subject to regulatory and other approvals) and b) accepted the early retirement request by Ms. Chanda Kochhar. The change of guard, in our view, puts to rest concerns around leadership. The enquiry instituted against the out-going MD continues and one awaits the outcome on the same. Focus shifts to asset growth and resolution of certain large NPA accounts. Capital position remains healthy; subsidiaries remain profitable. Valuations continue to remain undemanding. Retain BUY with SOTP...