ICICI Bank on Tuesday said that its board has approved the appointment of MK Sharma as non-executive chairman for a period of five years. Mr Sharma will replace KV Kamath who would shortly step down from the board consequent to his nomination as the first president of the BRICS New Development Bank.
Mr Sharma was formerly the vice chairman of Hindustan Unilever Limited (HUL). He is an independent director of several companies and has been a member of government committees relating to corporate law and corporate governance, ICICI Bank said in a statement.
Mr Sharma was an independent director on the board of ICICI Bank for eight years from 2003 to 2011. He is currently an independent director of two subsidiaries of the Bank, ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company.
"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.
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