Rajat Gupta, the former Goldman Sachs director, who is accused by US authorities of leaking confidential boardroom information, on Monday resigned as chairman of the executive board of Hyderabad-based Indian School of Business (ISB), one of India’s premier B-schools.
With this, India-born Gupta, who is the first non-American managing director of McKinsey, has either quit or taken leave of absence from the boards of all the companies and organisations he guided as a director or chairman.
“Rajat Gupta has requested the ISB executive board to relieve him of his board responsibilities till his pending matter with the US SEC is resolved. This, and the appointment of the new chairman, will be tabled at the upcoming Board meeting on April 2, 2011,” ISB said in a statement today.
Gupta, who is the co-founder of ISB, will not attend the upcoming board meeting scheduled for April 2. Corporate observers say Gupta led from the front in making ISB one of the world’s leading business schools. The executive board of the ISB that Gupta led as chairman has top industrialists like Anil Ambani, Adi Godrej, Rahul Bajaj, LN Mittal and Deepak Parekh, among others, as members.
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