ISB Dean Prof MR Rao steps down; Search committee looks for new Dean

Dean Rao was on the Board of Satyam Computers, from which he subsequently resigned after the news broke out questioning the corporate governance at Satyam.

Unfortunately, yesterdays shocking revelations, of which I had absolutely no prior knowledge, mean that we are far from seeing the end of the controversy surrounding Satyam Computers.My continued concern and preoccupation with the evolving situation are impacting my role as Dean of ISB at a critical time for the school.Given that my term with the ISB anyway ends in a few months, I think that this is an appropriate time for me to step down, said Prof Rao.

The ISB Executive Board accepted Professor MR Raos resignation with immediate effect. A Dean Search is already underway since Professor Raos tenure was to conclude in June 2009.In the interim, Deputy Dean Ajit Rangnekar, who has been with ISB since 2003, will hold charge as Dean.

Assuring the community of his continued support for ISB, Professor Rao said, I would like to thank all of you for the support and encouragement you have given me while leading this prestigious institution during the last four and a half years. While my work here remains unfinished, I take great pride in the fact that we have made great strides in attracting high-quality faculty and students to the school. We have established six research Centres of Excellence which are gaining world wide recognition. The Centre for Executive Education has been steadily growing in stature and the school is now financially sound. A significant achievement has been that we were able to put ISB on the global b-school map by attaining the FT-20 ranking.

This is a difficult decision for me, given my commitment to ISB, its faculty, students, staff, alumni, research, and academic associates. But, it is precisely this commitment that has convinced me that this decision is in the best interest of ISB. Professor Rao was appointed as the Dean of ISB in July 2004.

Appreciating Professor Raos gesture to resign and recognising his contributions to ISB, Rajat Gupta, Chairman of ISB, assured the ISB community of the Boards full support in the seamless functioning of the ISB.

We believe the ISB leadership is well-positioned to take us forward during this period of transition.My fellow Board members and I are fully committed to supporting Ajit and the ISB team in tackling any challenges that you may face.While we recognise this has been a distracting few weeks, I hope to receive your full support in moving ahead to achieve greater heights for ISB, said Gupta.