The Indian Institutes of Management Act, 2017
(1) The Director shall be the Chief Executive Officer of the Institute and shall provide leadership to the Institute and be responsible for implementation of the decisions of the Board.
(2) The Director shall be appointed by the Board, on such terms and conditions of service as may be prescribed.
(3) The Director shall be appointed out of the panel of names recommended by a search-cum-selection committee to be constituted by the Board, consisting of:-
(a) the Chairperson of the Board, who shall be the Chairperson of the search-cum-selection committee;
(b) three members chosen from amongst eminent administrators, industrialists, educationists, scientists, technocrats and management specialists:
Provided that where the Board is not satisfied with the recommendations of the search-cum-selection committee, it may ask the search-cum-selection committee to make fresh recommendations.
(4) The Director shall exercise the powers and perform the duties as may be assigned to him under this Act or the regulations or as may be delegated to him by the Board:
Provided that the Board may lay down the criteria to be followed by the Director while exercising powers and performing his duties, which shall be evaluated by the Board annually, and if the Board is of the opinion that such criteria has not been followed, then, the Board may, after giving an opportunity of being heard to the Director, initiate action for removal of such Director under sub-section (7).
(5) The Director shall, except on account of resignation or removal, hold office for a term of five years, from the date on which he enters upon his office.
(6) The Director may, by notice in writing under his hand addressed to the Board, through the Chairperson, resign his office at any time.
(7) The Board may remove from office the Director, who-
(a) has been adjudged as an insolvent; or
(b) has been convicted of an offence which, in the opinion of the Board, involves moral turpitude; or
(c) has become physically or mentally incapable of acting as a Director; or
(d) has acquired such financial or other interest as is likely to affect prejudicially his functions as a Director; or
(e) has so abused his position or so conducted himself as to render his continuance in office prejudicial to the public interest:
Provided that the Director shall not be removed from office except by an order made by the Board, after an enquiry instituted by it in which the Director has been informed of the charges against him and given a reasonable opportunity of being heard in respect of those charges.
(8) Where the post of Director is likely to fall vacant on account of completion of tenure, the Board shall initiate the process of appointment nine months prior to the occurrence of such vacancy.
(9) Where the post of Director falls vacant on account of any reason, the Board may appoint the senior-most faculty in the institution as the Director in charge till a regular Director is appointed:
Provided that if the senior-most faculty is not willing to hold the post of Director in charge, then the next senior-most willing faculty may be appointed as Director in charge.