Bangalore February 19, 2014:- The Indian Institute of Management-Bangalore (IIM-B) announced on Tuesday the appointment of Kiran Mazumdar-Shaw as chairperson of its board of governors. She is founder-head of Biocon, the biotechnology company based in this city.
Mukesh Ambani, chairman of Reliance Industries, was chairman at IIM-B and his five-year term was to end in September 2015; it was his second term. However, he expressed a desire to step down due to paucity of time. A spokesperson from IIM-B said it was not yet clear whether Mazumdar-Shaw would get a five year term or be chairperson only till September 2015.
She told Business Standard that Ambani had been telling the board he was too stretched for time. “He convinced me to take over the responsibility,” she said.
Ambani formally informed the board of governors last Tuesday of his decision to step down. The board then appointed Mazumdar-Shaw as chairperson, with effect from February 11. She had been on the
IIM-B board for the past several years. She is also the first woman to chair any IIM board. The Union ministry of human resource development has notified this change.- Business Standard
