Former Vice Chairman of Hindustan Unilever Limited, MK Sharma, has been appointed as the non-executive Chairman of ICICI Bank for five years, in place of KV Kamath.

Sharma would replace Kamath who would soon resign from the bank’s board after being nominated as the first president of the BRICS nations’ New Development Bank.

An ICICI Bank press release stated that the appointment is subject to the prior approval of Reserve Bank of India (RBI), other regulatory approvals and would be effective July 1, 2015.

Sharma was an independent director on the board of ICICI Bank for eight years between 2003 and 2011 and at present, he is an independent director of the two subsidiaries of the bank – ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company.

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