KV Kamath, the founder of India's second-largest bank, ICICI Bank, would be replacing NR Narayan Murthy, the visionary founder retires in August. KV Kamath was appointed by the nominations committee on April 30, 2011 and would take responsibilities from 21 August .
With the compensation being issued to him, KV Kamath has acquired the status of earning close to a fees of 1.2 crore. The fees would be paid for his role as the non-executive chairman as well as for fulfilling the duties as the director of board.
The fees paid can be reasoned to the ongoing practice of paying the professional high in return of the special knowledge and the experience that they use for the betterment of the institution.