ICICI Bank has appointed retired IAS officer Girish Chandra Chaturvedi as non-executive part-time chairman of the bank with effect from July 1, for a period of three years.
In a notice to the stock exchanges, the bank stated, “The Board is extremely pleased with this development and believes that Mr. Chaturvedi will provide maturity and sagacity to the deliberations of the Board. This would also ensure a seamless and smooth transition of leadership at the Board and would address stakeholder concerns in this behalf. We affirm that Girish Chandra Chaturvedi is not debarred from holding the office of Director by virtue of any order of Securities and Exchange Board of India or any other such authority.”
Chaturvedi, a former bureaucrat takes over from MK Sharma who retires from the bank on June 30. He is a 1977 batch IAS officer, retired as oil secretary in January 2013. His appointment is subject to RBI and shareholder approval.
M K Sharma had presided as the non-executive chairman of the bank, for a period of three years from July 2015. Earlier reports suggested that veteran banker and former Bank of Baroda chairman and managing director MD Mallya is leading the race to succeed MK Sharma.
As per the report, the board of ICICI Bank has approached several reputed industrialists and retired bankers, but the offers have largely been declined, pertaining to the controversy surrounding the bank’s CEO, Chanda Kochhar.
This month the bank was in the news as CEO Chanda Kochhar was asked to go on indefinite leave as part of her annual leave which was planned in advance.
As the ICICI Bank is facing a lot of heat for the controversy surrounding CEO Chanda Kochhar, the role of the new chairman will be extremely crucial and will bring with it a lot of added responsibilities.
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