Moscow: Rajat Gupta, a former director at Goldman Sachs, quit the supervisory board at Sberbank, Russia`s biggest lender, but remains a strategic adviser to the board, Sberbank said on Thursday.
Gupta, a former worldwide managing director at McKinsey & Co, was first elected to Sberbank`s supervisory board in 2008 and has been so far the highest-paid director with a 429,000 euros ($524,700) paycheck proposed for 2009.
Gupta has withdrawn his name from the ballot for the election to Sberbank`s supervisory board that will take place at the annual general shareholders meeting June 4.
"Both sides have come to the conclusion that direct involvement of Mr Gupta in Sberbank`s strategic tasks and projects as a strategic adviser will maximise the positive results of our joint efforts," Sberbank said in a statement.
Gupta came into the public eye in April after the Wall Street Journal said he told hedge fund founder Raj Rajaratnam about Berkshire Hathaway`s USD 5 billion investment in Goldman before the deal became public. Gupta said he had done nothing improper.
State-controlled Sberbank has submitted Gupta`s remuneration to its annual shareholders meeting for approval.
Remuneration for the other directors on the supervisory board ranged from 1 million roubles to 3.5 million roubles ($112,200)