ICICI Bank appoints former IAS Girish Chandra Chaturvedi as non-executive part-time chairman

The Board of Directors of ICICI Bank on Friday appointed Girish Chandra Chaturvedi as non-executive part-time chairman of the bank effective from July 1, 2018. Chaturvedi, a former IAS officer, was also appointed as Additional (Independent) Director for a period of 3 years, subject to the approval of shareholders. The current chairman M K Sharma demits office on June 30.

In a stock exchange filing, the second largest private lender said, "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."

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 is a former Indian Administrative Services officer who retired in January 2013 as Secretary, Ministry of Petroleum and Natural Gas. He has earlier served as Director (Government Nominee) on the Boards of Canara Bank, Bank of Baroda, IDBI Bank Ltd, IDFC Ltd, GIC Re of India, New India Assurance Co. Ltd, United India Insurance Co. Ltd, Agriculture Insurance Co. of India, Institute of Banking Personnel Selection and National Insurance Academy.

Chaturvedi did his post-graduation in Physics at University of Allahabad. He also has an M.Sc. Social Policy and Planning in Developing Countries from London School of Economics. He has also served as chairman of Pension Fund Regulatory & Development Authority, Petronet LNG Ltd, Indian Strategic Petroleum Reserves Ltd and Oil Industries Development Board.