ICICI Lombard, a global insurance and banking firm, has appointed Sanjeev Mantri as the new MD and CEO, effective from December 1, 2023. According to the BSE exchange filing today, the current MD and CEO, Bhargav Dasgupta, has resigned and will serve the bank until November 30, 2023.
In the exchange filing, the bank stated, "We refer to our letter dated September 21, 2023, regarding the resignation of Bhargav Dasgupta as Managing Director & CEO of the Company. The Board of Directors has noted and taken on record that Bhargav Dasgupta, post his resignation from the services of the Company, will officiate in his current responsibilities as Managing Director and CEO until November 30, 2023."
Dasgupta has joined the Asian Development Bank as Vice-President (Market Solutions), where he will oversee the bank's private sector operations department and the office of Markets Development and Public-Private Partnerships.
Extending wishes to Dasgupta, ICICI Lombard said, "The Board of Directors has placed on record their appreciation of Dasgupta’s distinguished service and stellar contribution to the growth and success of ICICI Lombard and his significant contributions over the last thirty-one years in various roles within the ICICI Group."
Furthermore, the bank announced the appointment of the new MD and CEO, Sanjeev, stating, "The Board of Directors, based on the recommendation of the Board Nomination and Remuneration Committee, has approved the appointment of Sanjeev Mantri, currently the Executive Director of the Company, as Managing Director & CEO of the Company. This appointment will take effect from December 1, 2023, or the date of approval from the Insurance Regulatory and Development Authority of India (IRDAI), whichever is later, for a period of five consecutive years or until his date of retirement, whichever is earlier."
Sanjeev joined the bank in 2013 and currently holds the position of Executive Director. He was previously associated with the parent company, ICICI Bank Ltd, as Senior General Manager for 12 years. In this new role, Sanjeev brings over 30 years of experience in the BFSI industry, encompassing Corporate Banking and the SME segment. Under his leadership, the bank has launched innovative products in the segment and expanded its operations in rural markets. Previously, he served at BNP Paribas in the capacity of Deputy Head of Corporate Banking for about 8 years.