The board of ICICI Bank has finally acted on the allegations of misconduct against its CEO and managing director, . It had earlier maintained that she was on annual personal leave; now, she will stay away from the office till the completion of an inquiry into the charges levelled against her by a whistle-blower. Rather than allow the controversy to fester, the board of ICICI Bank, an institution that often sought to hold a mirror up to the inefficiencies of public sector banks, should have acted earlier. Till the inquiry is complete the bank will be steered by a new chief operating officer, Sandeep Bakhshi. The official version is that he will report to Ms. Kochhar, who herself took the decision to go on leave till the end of the inquiry — but this is at best a face-saving cover for a board that was reluctant to act since the controversy broke. Meanwhile, the tenure of M.K. Sharma, the chairman of the bank’s board, is set to end this month and there is still no clarity on his successor. This extended uncertainty in a crisis situation is unwarranted. ICICI Bank’s troubles are rooted in a 2016 complaint by an investor alleging a quid pro quo deal between Ms. Kochhar’s immediate family members and the Videocon group, which got a ₹3,250-crore loan from it. When this ‘conflict of interest’ complaint resurfaced in the public domain this year, Mr. Sharma said he had personally inquired into it two years earlier and found nothing amiss.