ICICI Bank names former IAS GC Chaturvedi as chairman

ICICI Bank today named a new non-executive part-time chairman in former bureaucrat Girish Chandra Chaturvedi, who said he did not believe the lender was in a mess and it could be steered out of recent incidents.

Chaturvedi, 65, will replace current chairman M K Sharma, whose term ends on June 30.

In a statement, ICICI Bank said the 1977-batch IAS officer from the Uttar Pradesh cadre, who retired in January 2013, has been appointed for a three-year term beginning July 1.

Commenting on his appointment, Chaturvedi said he is looking forward to taking up the new assignment but it was too early to say what his priorities or action plan for the bank would be.

 

"I don't subscribe to this that (ICICI Bank) is in a mess. Incidents keeping happening, we have to learn lessons from them, rectify them and move ahead. I am sure we will be able to do that," he said.

Chaturvedi, who retired as Oil Secretary in January 2013, served in the Department of Financial Services -- the administrative department of banking and insurance sector -- for five years, including as Additional Secretary.

An MSc in Physics and Social Policy from the London School of Economics, UK and holder of a doctorate in economic history from the University of Oxford, Chaturvedi has served on the boards of IDBI Bank, Canara Bank and Bank of Baroda as government nominee.

He was named Oil Secretary in May 2011 and retired from that position on January 31, 2013.

His appointment will be effective July 1, 2018, for a period of three years, subject to the approval of shareholders, ICICI Bank said.

The board of ICICI Bank selected Chaturvedi from a shortlist of four, including some other IAS officers. Independent directors on the bank's board Uday Chitale and Neelam Dhawan too were considered.

"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 the term of M K Sharma (Independent Director & Chairman)," the company 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. The bank has appointed Sandeep Bakhshi as the chief operating officer (COO).