Published On: Fri, Jun 29th, 2018

Former Petroleum Secretary appointed as ICICI Bank non-executive chairman

New Delhi: ICICI Bank today said it has appointed former Petroleum Secretary Girish Chandra Chaturvedi as the company’s non-executive chairman.

Former Petroleum Secretary Girish Chandra Chaturvedi was today appointed as non-executive chairman of ICICI Bank.

The term of office of incumbent M K Sharma expires on June 30, 2018, ICICI Bank said in a statement.

The appointment is effective July 1, 2018 for a period of three years, subject to the approval of shareholders, it added.

“The Board…approved the appointment of Girish Chandra Chaturvedi as non-executive part-time Chairman effective from July 1, 2018 or the date of receipt of RBI approval for such appointment whichever is later in the vacancy caused by cessation of term of M K Sharma (Independent Director & Chairman),” it said.

The appointment will provide maturity and sagacity to the deliberations of the board, it added.

This would also ensure a seamless and smooth transition of leadership at the board and would address stakeholder concerns in this behalf, it said.

“We affirm that 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,” it added.

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.

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