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Godrej new chairman of ISB executive board

Godrej group chief Adi Godrej has been elected as chairman of the executive board of the Indian School of Business following resignation of Rajat Gupta, who is embroiled in an insider trading case in the US.

business Updated: Apr 02, 2011 20:33 IST

Godrej group chief Adi Godrej has been elected as chairman of the executive board of the Indian School of Business (ISB) following resignation of Rajat Gupta, who is embroiled in an insider trading case in the US.

Godrej was unanimously elected as the chairman after a meeting of the executive board here today, ISB Dean Ajit Rangnekar told reporters.

Godrej, who said he is taking over as the chairman under "unusual circumstances" and the school image is intact even though three of its top people had to leave following controversies.

"Of course I feel a little concerned that I am taking over at a time when Rajat Gupta had to resign ...," Godrej told reporters after the board meeting.

"Rajat Gupta is not involved in any scams as far as my knowledge goes. There is an administrative action against him. He has taken a preemptive step of resigning from the board. I think we should appreciate the intention of that man."

Gupta has been slapped with charges of insider trading by the US market regulator Securities and Exchange Commission.

Godrej said the school is doing exceedingly well and continue to do well in the future.

Replying to a question on Gupta's coming back as chairman if his name is cleared by the US regulator SEC, Godrej said this topic was not discussed in the board meeting.

"Many members spoke to me and requested me to take this position," he said.

Commenting on M Rammohan Rao former Dean and also former member in Satyam Computers board, who also resigned, Godrej said the former Dean was an independent director in Satyam and not involved in anything scam.

According to ISB Dean Rangnekar, 13 of the 32 board members attended board meeting today despite India playing world cup finals today.

ISB's executive board has more than 30 members, including Reliance Anil Dhirubhai Ambani Group Chairman Anil Ambani, Bajaj Auto Chairman Rahul Bajaj, Bharti Enterprises Chairman Sunil Mittal, Infosys Chief Mentor N R Narayana Murthy, ICICI Bank CEO Chanda Kochhar and ArcelorMittal CEO Lakshmi Mittal, according to its website.

A premier business school, ISB, which celebrated Graduation Day today, has academic alliances with the Kellogg School of Management at Northwestern University and the Wharton School at the University of Pennsylvania, among others.