ISB board meet tomorrow may choose new chairman

The executive board of the Indian School of Business (ISB) which will meet tomorrow in Hyderabad is likely to appoint a new chairman, after the business school's founder Rajat Gupta stepped down amid insider trading charges in the US.

This would be probably the first time since ISB came into existence in 2001 that Gupta would not be part of the meeting, a source close to the business school told PTI.

Besides the appointment of a new chairman, various other issues would also be discussed at the meeting to be held in Hyderabad tomorrow.

Gupta, a former top executive of McKinsey & Company, has been slapped with charges of insider trading by the US market regulator Securities and Exchange Commission (SEC).

A well-known Indian-American, Gupta last month requested the ISB executive board to relieve him of his duties. He was chairman of ISB's executive board as well as governing board.

In a letter in March, he had requested the ISB executive board to relieve him of responsibilities till his pending matter with the SEC was resolved.

The business school last month said Gupta's request as well as the appointment of the new Chairman would be tabled at the board meeting on April 2.

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 NR Narayana Murthy, ICICI Bank CEO Chanda Kochhar and ArcelorMittal CEO Lakshmi Mittal, according to its website.

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.