The prestigious Indian Institutes of Management (IIMs) have changed the way appointments are made to the posts of directors. Now, executives having experience of working in senior management roles for at least 15 years will be eligible to be appointed as directors. The new rules notified under the IIM Act have paved the way for the entry of senior executives on the post of directors, The Indian Express reported. Although the IIMs have been previously headed by corporate executives but such examples are few. Ravi J Matthai, the full-time director of IIM Ahmedabad in 1965 and Subir Chowdhury who was the head of IIM Calcutta in the 1990s are two such examples. Read | IIT placements 2018: Students land top jobs on Day 1, highest offer a staggering Rs 1.5 crore Quoting an IIM director, who wished for anonymity, The Indian Express reported that the instances of executives heading the IIMs are mostly from early days when the institutes were just established and the talent pool was limited. There were no fixed recruitment rules for appointment of individuals to the post of director before the IIM Act came into force this January. However, in the last decade, a PhD along with relevant teaching experience has become a prerequisite for the post. The new rules now provide the opportunity to those who have industry experience of over 15 years to apply for these posts. "The applicant shall be a distinguished academic with PhD or equivalent having at least fifteen years teaching or research experience and shall have worked as a full Professor at a reputed institution for at least seven years; or shall have industry experience at a higher level for at least fifteen years," the new rule states. The set of rules codify terms and conditions for the directors of all the IIMs. Also read | Rajasthan Election 2018 Live Updates: 59 per cent polling till 3 pm, clash breaks out in Sikar Justifying the decision of opening the post to individuals with industry experience only, Higher Education Secretary R Subrahmanyam said that these are institutes of management and they prepare people for the management role. "Someone who has been an Executive Director or Managing Director can prove to be invaluable to an IIM,\u201d he stated. When questioned about the omission of academic credentials - PhD - as a criterion, he replied that some of the biggest businesses and institutions have been set up by the people who have had limited academic credentials. IIM Bangalore's G Raghuram appeared uncertain about the development and said that ideally, a director should be an individual with a background of academic experience. It could be a value-addition if a director has industry experience in addition to academic experience, he said, adding preferably, the academic experience should be recent. IIM Ahmedabad director Errol D\u2019Souza was critical of the move and considered it a mistake which someone committed while drafting the rules.