India’s largest private sector lender ICICI Bank has appointed MK Sharma as its new non-executive chairman for five years in place of KV Kamath who is about to step down from the board, according to a stock market disclosure.
Kamath has decided to step down as non-executive chairman of the company as he has been nominated as the first president of the New Development Bank that is being set up by BRICS nations (Brazil, Russia, India, China and South Africa).
Kamath will now head to Shanghai, China, to take up his role at New Development Bank.
He has been chairman of the board of ICICI Bank since 2009 after retiring as the bank’s CEO. Last week, Kamath had stepped down from the board of Infosys.
The appointment, which has been approved by the board, is, however, subject to approval of Reserve Bank of India and will be effective July 1, 2015, or the date of receipt of RBI approval, whichever is later.
Sharma, who was formerly vice chairman of Hindustan Unilever Ltd, has been independent director of several companies. He has also been a member of Government committees relating to corporate law and corporate governance and has a wide expertise in legal and corporate governance matters as well as companies in diverse businesses.
He was an independent director on the board of ICICI Bank for eight years from 2003 to 2011 and is currently an independent director of two subsidiaries of the lender—ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company.
The company said the board felt Sharma’s experience in various fields as well as his long association with the ICICI Group would provide stability and continuity.
On Tuesday, shares of ICICI Bank closed at Rs 287.10, up 1.36 per cent on BSE in flat Mumbai market.