Indian-American Rajat Gupta, the former McKinsey head who was accused of passing insider tips to Galleon Group’s billionaire hedge fund manager Raj Rajaratnam, has resigned from three corporate boards, including Genpact and American Airlines. Gupta resigned from the Board of Hyderabad-based Emergency Management Research Institute (EMRI) last week.
In a filing to the US market regulator, the Securities and Exchange Commission (SEC), Genpact said Gupta notified it of his resignation as non-executive chairman and member of the Board of Directors on March 4. “The Company received his formal resignation letter on March 7,” it said.
Gupta had also served as a member of the Board’s nominating and governance committee. Genpact’s Board of Directors has appointed Robert G Scott, one of its members as interim non-executive chairman. Scott became a director of the company in April 2006 and serves on the audit committee.
The Genpact board comprises 10 members, nine of whom are independent directors.
Gupta, accused of passing insider tips to Rajaratnam on companies including Goldman Sachs and Procter & Gamble, has already resigned from the Board of electronic systems manufacturer Harman International Industries.
In a separate SEC filing, AMR, the parent of American Airlines, Yesterday has also said Gupta had voluntarily resigned from its Board of Directors and its subsidiary, American Airlines, ‘effective immediately’.
Last week, Gupta also resigned as the Director of Procter & Gamble.
Gupta, however, continues to be chairman in the board of Hyderabad-based premier B-school, Indian School of Business, which is said to be his brain child.
