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New Delhi, Hyderabad: The Indian School of Business has set up a search committee to scout for the next dean. The term of M Rammohan Rao, the current dean and till recently an independent director on the board of Satyam Computer Services, comes to an end in June.
Sources said Rao has, meanwhile, resigned from all regulatory bodies, including from the selection committee to choose a deputy governor for the Reserve Bank of India and as member of the Telecom Regulatory Authority of India. “All this happened after the Satyam saga, and he decided to withdraw from key posts,’’ a source told FE.
The search committee for the new dean of ISB includes the deans of Kellogg and Wharton schools of management in the USA, besides economic adviser to the Prime Minister Raghuram Rajan. While the search committee was appointed before the happenings on the Satyam board, the process is likely to be fast-forwarded now. The ISB faculty had last year asked its board to give Rao an extension.
Rao has been the dean of ISB since July 1, 2004. An illustrious academic, renowned worldwide for his research and teaching capabilities, Rao has also taught as a tenured professor of operations research at the Stern School of Business, New York University. He has held various positions at the Indian Institute of Management, Bangalore, including those as dean and director.
When appointed as the dean of ISB, he was professor emeritus, Indian Institute of Management, Bangalore. His current teaching and research interests are in the areas of optimisation and financial derivatives. He is also on the board of several other organisations, including Mazagon Docks Limited and Bharat Electronics Limited. He is also chairman of the board of directors of Andhra Pradesh Industrial Development Corporation Venture Capital and a member of the advisory board of Citigroup.
Rao’s resignation from all regulatory bodies is seen by sources as a genuine effort by him to come clean after the bad press he got over the Satyam episode. Rao chaired the board meeting that approved the controversial acquisition of Maytas Properties and Maytas Infra in an aborted $1.6-billion deal. Investors and media had roundly criticised the decision, seen as solely benefitting the owner family. Satyam had to abandon the acquisition plan within a day.
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