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ICICI Bank board has approved the appointment of M K Sharma as the new non-executive Chairman of the Board for a period of 5 years.
MK Sharma was formerly the Vice Chairman of Hindustan Unilever Ltd.
Sharma will succeed KV Kamath, who would step down from the Board to take on a bigger role as the first President of New Development Bank, established by the BRICS nations.
“The appointment of the new non-executive Chairman is subject to the prior approval of Reserve Bank of India (RBI) and would be effective July 1, 2015 or the date of receipt of RBI approval, whichever is later,” ICICI Bank said in a statement.
Sharma was an independent Director on the Board of ICICI Bank for eight years from 2003 to 2011 and is an independent director of several companies.
At present, he is an independent Director of two subsidiaries of the Bank, ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company.
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