KV Kamath steps down as IIM-Indore chairman

KV Kamath, who is set to take over as chief of the New Development Bank of BRICS nations, has stepped down from the post of chairman board of governors (BoG) of the Indian Institute of Management, Indore.

"Consequent to his appointment as president of BRICS Bank, KV Kamath has stepped down from the position of chairman of IIM-I board of governors (BoG) and society," said Akthar Parvez, spokesperson of IIM-I.

Kamath was nominated by the government of India as chairperson of BoG and society of IIM-Indore on May 18, 2012. "IIM-Indore would like to place on record its deep appreciation for contribution of Kamath during his tenure as chairman," said Parvez.

He said as per memorandum of associations and rules of IIM-Indore, secretary of union ministry of human resource development (HRD) will be the chairman until a new chairperson is appointed.

Kamath was appointed as the head of the BRICS bank on 11 May and his appointment will become effective once he is free from all his current assignments.