Former IAS officer appointed as non-executive chairman of ICICI Bank

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New Delhi: Former IAS officer Girish Chandra Chaturvedi has been appointed as the Non-Executive Chairman of ICICI Bank Ltd.

The former bureaucrat will replace Mahendra Kumar Sharma, the current chairman who will conclude his term on June 30.

Kulkarni who is a 1977 batch IAS officer retired as the Oil Secretary in January 2013. The private bank will now send the Chaturvedi’s name to the Reserve Bank of India for further clearance.

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Here’s what the official statement issued by the bank read:

“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”

This news comes even as the company is facing a massive management crisis. Chanda Kochhar, the MD, CEO of the bank went on an indefinite leave on June 18 due to the pending probe against her in relation to the Videocon Group loan case.

Following the initiation of probes by government agencies and other regulatory authorities, the ICICI board appointed former Supreme Court Judge B N Srikrishna to conduct an independent Inquiry to investigate the allegations against Kochhar.

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