IIM set for its first director from overseas

Once the appointments committee of the Cabinet,headed by the Prime Minister,gives final approval,Nanda will succeed Prof Samir Barua who completed his tenure in late 2012.

Nanda has taught at Harvard Law School for 13 years. An electrical engineer from IIT Delhi,he did a postgraduate diploma course in management at IIM-A in 1983,followed by a masters and PhD in economics from Harvard. He started his career in academics with Harvard in 2000,as an assistant professor.

A selection from overseas was made possible last year after the ministry initiated a move to allow each IIM to shortlist its own candidates for director and chairman. IIM Bangalore,the first along with IIM-A to choose its head,has sought another term for director Prof Pankaj Chandra.

IIM-A,keen to get someone with international experience,had even advertised in The Economist last year. It also indicated its willingness to open its purse strings to attract globally-acclaimed academics. Government doesnt fund salaries beyond its fixed pay scales,but two years ago the ministry agreed to allow IIMs to top up salaries from their own funds.

An IIM director currently gets around Rs 20 lakh a year. Talks of an offer up to Rs 1 crore are doing the rounds. In the US,top jobs at Ivy League institutes typically come with packages between the equivalents of Rs 1.5 and Rs 3 crore.