Adi Godrej elected new chairman of ISB

Godrej group chief Adi Godrej has been elected as the chairman of the executive board of the Indian School of Business (ISB ), following resignation of Rajat Gupta who is embroiled in an insider trading case in the US.

Godrej was unanimously elected as the chairman after a meeting of the executive board on Saturday, ISB Dean Ajit Rangnekar said.

Godrej said he is taking over as the chairman under "unusual circumstances".

ISB's executive board has more than 30 members, including Reliance Anil Dhirubhai Ambani Group Chairman Anil Ambani, Bajaj Auto Chairman Rahul Bajaj, Bharti Enterprises Chairman Sunil Mittal, Infosys Chief Mentor N R Narayana Murthy, ICICI Bank CEO Chanda Kochhar and ArcelorMittal CEO Lakshmi Mittal, according to its website.

About 13 members attended the meeting.

A premier business school, ISB has academic alliances with the Kellogg School of Management at Northwestern University and the Wharton School at the University of Pennsylvania, among others.

A well known Indian-American, Gupta founded the ISB. He has been slapped with charges of insider trading by the US market regulator Securities and Exchange Commission (SEC).