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ICICI Bank board shortlists retired IAS officers for next Chairman

ICICI Bank

New Delhi: As the term of M K Sharma, the current chairman of ICICI Bank, ends on June 30, the bank is looking out for its next chairman.

India’s largest private sector lender ICICI Bank’s board will meet on Friday to discuss the appointment of a new chairman from a shortlist of four former bureaucrats who have worked with the finance ministry.

The bank will then send the selected candidate’s name to the Reserve Bank of India (RBI) for clearance, according to a report by Business Standard.

On June 18, Chanda Kochhar went on indefinite leave pending a probe against her, following which the bank appointed Sandeep Bakhshi as chief operating officer (COO).

At present, the bank board comprises 13 members, including seven independent directors. Since January, three independent directors — Homi Khusrokhan, Tushaar Shah, and V Sridar — have retired and were replaced by Uday Chitale, Radhakrishnan Nair, and M D Mallya. In April, the government had replaced its nominee Amit Agarwal with Lok Ranjan without any explanation.

In the wake of probes by government agencies and the market regulator, the board had appointed former Supreme Court judge B N Srikrishna to conduct an independent enquiry to investigate the allegations of impropriety against Kochhar.

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