ICICI Bank names former bureaucrat as non-executive chairman; stock up

ICICI Bank, which has been going through a management crisis off-late, has announced appointment of Girish Chandra Chaturvedi as its non-executive part-time chairman, with effect from July 1, for a period of 3 years.

Chaturvedi, an IAS officer from the 1977 batch, retired as the country's oil secretary in January 2013. The appointment is subject to the approval from RBI and the shareholders. The appointment comes as the term of the incumbent chairman, MK Sharma ends on June 30, 2018.

In March 2018, reports emerged alleging conflict of interest against the bank’s CEO and MD Chanda Kochhar. However, the bank ruled out any wrong doing on part of Kochhar. Two weeks ago, the bank informed the exchanges that Kochhar will go on leave till the enquiry is completed.

At 12:57 hours on Friday, ICICI Bank was trading at Rs. 275.35, up Rs. 3.95 or 1.46 per cent on NSE. The stock attracted a trading volume of 1,50,55,697 shares on NSE.