Kiran Mazumdar-Shaw replaces Mukesh Ambani at Indian Institute of Management, Bangalore

Reliance Industries chairman Mukesh Ambani has reportedly stepped down as chairman of the board of governors at the Indian Institute of Management, Bangalore (IIM-B), nearly a year-and-half before his term ends in September 2015.At a meeting of the IIM-B board of governors on February 11, Ambani had informed that he would step down. The human resource development (HRD) ministry has been notified of the change. Biocon chief Kiran Mazumdar-Shaw has taken over as the chairperson of the board of governors at IIM-B, becoming the first woman chairperson of any IIM board.The reason for Ambani’s decision to step down is not clear, however, reports say the Reliance Industries Limited head was unwilling to continue owing to other commitments.The Reliance bigwig had joined the IIM-B Board eight years ago, and was re-appointed for a second term in 2010.