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Former Bureaucrat Girish Chaturvedi will become the new Non-Executive chairman of ICICI bank

The board also appointed Girish Chaturvedi as an additional (independent) director effective from July 1 for three years
BY BEx Bureau
Jun 29, 2018

ICICI Bank Ltd. named retired bureaucrat Girish Chaturvedi as its part-time non-executive chairman at a time the boards role has been called into question over how it handled allegations of impropriety against Chief Executive Officer Chanda Kochhar.

The appointment will be effective July 1 or the day the Reserve Bank of India grants approval, whichever is later, Indias second-largest private lender by assets said in an exchange filing. The term of incumbent Chairman MK Sharma ends on June 30.

Chaturvedi was not aware about his appointment when approached by BloombergQuint. Don't have any official confirmation from the ICICI Bank board. It had just asked for my biodata, he said, adding that he will accept the role of chairman. He was confident that his previous experience in the financial sector during his stint in the Indian Administrative Service would be of help.

The board initially backed Kochhar but then decided to set up an independent probe. It named Sandeep Bakhshi as its chief operating officer to run the day-to-day operations in her absence.

Chaturvedi, a 1977 batch officer of the IAS, belonged to the Uttar Pradesh cadre. He has served as secretary in the Ministry of Petroleum and Natural Gas, and additional secretary (financial services) in the Ministry of Finance. He was also on the boards IDBI Bank Ltd., Bank of Baroda Ltd. and Canara Bank Ltd.

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