ICICI Bank names ex-bureaucrat Girish Chandra Chaturvedi as non-executive chairman

Chaturvedi will replace MK Sharma, the current chairman of ICICI Bank, after his term expires on June 30.

ICICI Bank on Friday announced its board has approved the appointment of former IAS officer Girish Chandra Chaturvedi as non-executive part-time chairman from July 1.

ICICI Bank is under the scanner of various regulatory agencies for alleged conflict of interest involving its CEO Chanda Kochhar and her family members in extending loans to some corporates, including the Videocon Group. (Reuters File Photo)

Chaturvedi has also been appointed as an additional independent director to the board for a period of three years, starting July 1, ICICI Bank said in a filing to the stock exchanges. The decision is subject to shareholder approval.

Chaturvedi will replace MK Sharma, the current chairman of ICICI Bank, after his term expires on June 30.

“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”, ICICI said in the filing.

Chaturvedi comes to the ICICI Bank board with 40 years of professional experience as a bureaucrat. After retirement from the Indian Administrative Services, he worked as chairman of the Warehousing Development and Regulatory Authority of India.

ICICI Bank is under the scanner of various regulatory agencies for alleged conflict of interest involving its CEO Chanda Kochhar and her family members in extending loans to some corporates, including the Videocon Group.

Earlier this month, ICICI Bank announced that Kochhar has decided to go on leave till the completion of an external enquiry into the matter.

-- With PTI inputs