Icra Chairman Pranab Kumar Choudhury to quit, Arun Duggal to succeed

MUMBAI: Ratings agency Icra today said its Chairman Pranab Kumar Choudhury has decided to resign from the company after 24 years of association, with effect from January 29.

Icra also announced that veteran banker Arun Duggal, currently serving as an Independent Director on the company's board, will replace Choudhury who will assume the new position next month.

"Choudhury intends to retire from Icra. He will resign as Chairman of Icra Ltd, CEO of Group Icra and as Chairman of all related entities effective January 29," the rating outfit said in a statement here.

The statement, however, did not specify reasons for Choudhury's decision.

Choudhury had been with Icra for 24 years, serving in various capacities, it said, adding he oversaw the 2007 initial public offering of the company.

Duggal, who last month resigned from Chairmanship of diversified financial services Group Shriram Capital, has had a 25-year association with the Bank of America in the US, Hong Kong and Japan.

He also served as Chief Executive of Bank of America's India operations from 1998 to 2001.