ICICI Bank appointed MK Sharma as non-executive chairman

ICICI Bank, India’s largest private sector bank, on 9 June 2015 appointed Mahendra Kumar Sharma as the non-executive chairman for a period of five years. Sharma, a former vice chairman of Hindustan Unilever Limited (HUL) succeeded KV Kamath.

Kamath who was nominated as the first president of the New Development Bank, established by BRICS nations, would soon step down from the bank’s board.

Sharma’s appointment is subject to the prior approval of Reserve Bank of India (RBI), other regulatory approvals and would be effective from 1 July 2015 or the date of receipt of RBI approval, whichever is later.

Sharma is an independent director of several leading companies and has been a member of government committees relating to corporate law and corporate governance. Currently, he is an independent director of two subsidiaries of the bank, namely ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company.

Earlier, Sharma was an independent director on the board of ICICI Bank for eight years between 2003 and 2011.

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