The board of ICICI Bank on Tuesday approved the appointment of M.K.Sharma as the new non-executive chairman for a period of 5 years, to succeed K.V.Kamath, who has been named the first president of the BRICS New Development Bank.
Sharma was formerly the vice chairman of Hindustan Unilever, ICICI Bank said in a statement here.
"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," the statement said.
Sharma was an independent director on the ICICI Bank's board from 2003 to 2011, and is an independent director of several companies including two of the bank's subsidiaries - the ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company, the statement added.
