ICICI Bank on 9th June 2015 announced the appointment of M K Sharma, as the non-executive chairman for a period of five years, in place of K V Kamath. Mr. Kamath has step down from the bank’s board, consequent to his nomination as the first president of the New Development Bank, established by BRICS nations.

The appointment has been done with subject to approval of RBI and would effective July 1, 2015 or the date of receipt of RBI approval, whichever is later.

The board felt that his long experience will be useful for the company and it can be used for attaining the unimaginable heights.

About M K Sharma

1. Sharma is an independent director of several leading companies and has been a member of government committees relating to corporate law and corporate governance.
2. He was an independent director on the board of ICICI Bank for eight years from 2003 to 2011.
3. Currently, he is an independent director of two subsidiaries of the bank – ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company.
4. He is a former vice chairman of Hindustan Unilever Limited.