The Union Ministry of Human Resource Development has turned down Indian Institute of Management IIM-Bangalore's request to grant an extension to director Sushil Vachani, and has started the appointment process to find his successor.
The retirement age for IIM directors is 65. Vachani joined IIM-B in July 2014, leaving his tenured position at Boston University.
He turns 65 by mid-2016. The faculty of IIM-B had requested the MHRD to allow him to serve a 5-year term, arguing that directors of IITs are allowed to continue till the age of 70.
The Chairman of the IIM Board of Governors, Kiran Mazumdar-Shaw, had also written to the ministry requesting an extension for Vachani. She had argued that aligning the retirement age of IIM directors to that of IIT directors will help IIMs recruit academics from leading international business schools.
Mazumdar-Shaw confirming the development said, "We have initiated a search for a new director as the MHRD is not in a position to extend the term of Dr Sushil Vachani."
A search-cum-selection committee will now be set up to appoint a new director and IIM-Bangalore has asked the HRD ministry to pick its nominee for the committee, reported ET.
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