Here is an article from the NY Times on this:
Why the King James Bible Endures
The King James Bible, which was first published 400 years ago next month, may be the single best thing ever accomplished by a committee. The Bible was the work of 54 scholars and clergymen who met over seven years in six nine-man subcommittees, called “companies.” In a preface to the new Bible, Miles Smith, one of the translators and a man so impatient that he once walked out of a boring sermon and went to the pub, wrote that anything new inevitably “endured many a storm of gainsaying, or opposition.” So there must have been disputes — shouting; table pounding; high-ruffed, black-gowned clergymen folding their arms and stomping out of the room — but there is no record of them. And the finished text shows none of the PowerPoint insipidness we associate with committee-speak or with later group translations like the 1961 New English Bible, which T.S. Eliot said did not even rise to “dignified mediocrity.” Far from bland, the King James Bible is one of the great masterpieces of English prose.