Pradeep Kumar Sinha to take over as Non-Executive Part-time Chairman of ICICI Bank
Former Cabinet Secretary Pradeep Kumar Sinha will take over as Non-Executive Part-time Chairman of ICICI Bank after G. C. Chaturvedi’s term ends on June 30, 2024.
In the run-up to the aforementioned appointment, the Bank’s Board (at its meeting held from February 15-17, 2024), has approved the appointment of Sinha as an Additional (Independent) Director for a period of five years, with immediate effect, subject to the approval of shareholders.
The Bank, in a regulatory filing, said G. C. Chaturvedi would retire as Non-Executive Part-time Chairman on close of business hours of June 30, 2024.
The Board, therefore, approved the appointment of Sinha as the Non-executive Part-time Chairman with effect from July 1, 2024 or the date of approval from RBI, whichever is later for a period until February 16, 2029 in the vacancy caused by the retirement of Mr. Chaturvedi.
Sinha joined the Indian Administrative Service (Uttar Pradesh in 1977). He served as the Cabinet Secretary (from June 2015) for more than four years before moving to the Prime Minister’s Office. He retired from there in March 2021.
“He has been a Government Nominee Director in numerous major Public Sector Undertakings and is therefore well versed with the principles of healthy corporate governance. These include ONGC, IOCL, HPCL, BPCL, GAIL, etc.
“In particular, he was on the Board of Indian Oil Corporation (IOCL) for about 7 years at a stretch and similarly on the Boards of BPCL and HPCL for about 6 years each,” ICICI Bank said.