Justice T. S. Thakur appointed the new Chief Justice of India

In exercise of the powers conferred by clause (2) of article 124 of the Constitution of India, the President is pleased to appoint Justice Tirath Singh Thakur, Judge of the Supreme Court, to be the Chief Justice of India with effect from 3rd December, 2015. Born on 4th January, 1952, 

About Chief Justice of India

The Chief Justice of India is the highest-ranking judge in the Supreme Court of India, and thus holds the highest judicial position in India As well as presiding in the Supreme Court, the Chief Justice also heads its administrative functions.

Appointment- Article 124 of the Constitution of India provides for the manner of appointing judges to the Supreme Court. 
However, no specific provision is made as to the appointment of the Chief Justice; as a result, the Chief Justice is appointed in the same manner as for the other judges to the Supreme Court.Generally, the most senior (i.e. earliest appointed) judge in the Supreme Court is appointed by the President.

Removal-  Article 124(4) of Constitution of India lays down the procedure for removal of a Judge of Supreme Court which is applicable to Chief Justice as well. 
Once appointed, the Chief Justice remains in office until his retirement age of 65 years or death.  He can be removed only through a process of impeachment by Parliament 

First CJI after Independence - Justice HJ Kania