ICICI Bank Ltd on Friday appointed Girish Chandra Chaturvedi as its part-time, non-executive chairman, effective 1 July. The bank, the country’s third-largest lender by assets, also named Chaturvedi as an independent director for three years.
The bank's current Chairman MK Sharma's term expires on 30 June, the bank said in a statement.
Chaturvedi's appointment comes shortly after the bank appointed group veteran Sandeep Bakhshi as its COO, with MD and CEO Chanda Kochhar going on leave pending a probe into alleged conflict of interest.
Besides a SEBI probe, ICICI Bank's board has constituted an 'independent enquiry' and has mandated retired Supreme Court judge, justice BN Srikrishna to preside over that enquiry. Kochhar is on leave till the completion of this enquiry.
The new chairman will have to steer the lender out of the ongoing crisis, which surfaced following reportage of the Videocon loan row.
Here is all you need to know about the new chairman Chaturvedi:
Chaturvedi, a former Indian Administrative Services (IAS) officer, most recently served as chairman of the Warehousing Development and Regulatory Authority (WDRA). He has also served as a government nominee director on the boards of Life Insurance Corp (LIC) of India, Canara Bank, Bank of Baroda, IDBI Bank Ltd and IDFC Ltd.
Chaturvedi retired in January 2013 as Secretary, Ministry of Petroleum and Natural Gas.
He has served the state government of Uttar Pradesh in various capacities, at important positions, including secretary to the UP chief minister; secretary, family welfare; additional CEO of the Greater NOIDA Industrial Development Authority; trade tax commissioner; and managing director of the UP State Spinning Company, according to an ICICI Bank regulatory filing.
Chaturvedi holds an MSc in Physics from the Allahabad University, and an MSc in Economics (Social Policy and Planning in Developing Countries) from the London School of Economics and Political Science, UK
Updated Date: Jun 29, 2018 14:35 PM