ICICI Bank board has started looking for a new chairman as the three-year term of the incumbent MK Sharma gets over at the end of this month, the Economic Times reported today. Sharma was appointed as non-executive chairman of the bank on July 1, 2015. The decision to begin the hunt for new chairman was reportedly taken after MK Sharma expressed his unwillingness to continue. His term expires this month.
According to the report, former Bank of Baroda Chairman and Managing Director MD Mallya is the frontrunner to replace MK Sharma. "The ICICI Bank board was of the opinion that the bank needs a qualified former banker for the position in this time of crisis. Nothing is final yet, but looks like Mallya is the favourite," the ET quoted a source as saying.
Earlier on May 29, ICICI Bank appointed MD Mallya as Director for five years. Prior to joining Bank of Baroda, Mallya was the Chairman and Managing Director of Bank of Maharashtra. He started his banking career from Corporation Bank in August 1976. Mallya has also served as Executive Director of Oriental Bank of Commerce where he oversaw the merger of erstwhile Global Trust Bank with OBC.
Recently, ICICI Bank Chairman MK Sharma faced flak for defending CEO and MD Chanda Kochhar- who was accused of favouritism and quid pro quo in infamous Videocon loan case. After the alleged bank fraud came to light, the bank chairman said: "The board has come to the conclusion that there is no question of any quid pro quo/ nepotism/ conflict of interest as is being alleged in various rumours."
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