ICICI Bank on Tuesday appointed M. K. Sharma as the non-executive Chairman of the Board for a period of five years, in place of K. V. Kamath.
Mr. Kamath would shortly step down from the Board consequent to his nomination as the first President of the New Development Bank.
“The appointment of the new non-executive Chairman is subject to the prior approval of the Reserve Bank of India and would be effective July 1, 2015, or the date of receipt of RBI approval, whichever is later,” ICICI Bank stated in a press release.
Mr. Sharma is an independent director of several leading companies and has been a member of Government committee. He was an independent Director on the Board of ICICI Bank for eight years from 2003 to 2011.
PTI adds:
Currently, he is an independent director of two subsidiaries of the bank - ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company.
“The Board felt that Mr. Sharma’s long experience and expertise in legal and corporate governance matters as well as companies in diverse businesses would prove invaluable in providing guidance and leadership to the Board, and his long association with the ICICI Group would provide stability and continuity,” the bank said in a statement.
The Board congratulated Mr. Kamath on his new role and placed on record its deep appreciation for his outstanding contribution to the ICICI Group, as the chairman of the Board of ICICI Bank since 2009 and as the CEO prior to the same, it added.
