ICICI Prudential Life Insurance, a major private sector life insurer in India, will soon experience a change of leadership as N S Kannan, the current Managing Director and Chief Executive Officer, is set to retire at the end of his term in June 2023. Anup Bagchi, who currently serves as Executive Director of ICICI Bank, will take over as the new MD and CEO for a five-year term, subject to regulatory approval.
To ensure a smooth transition, Bagchi has been appointed as Executive Director and Chief Operating Officer of the insurer, effective May 1, 2023, subject to necessary approvals.
In an exchange notification, ICICI Prudential Life Insurance stated that “the board of directors of the company, based on the recommendation of the board nomination and remuneration committee (BNRC), noted that N. S. Kannan, MD & CEO, will superannuate from the services of the company on the completion of tenure of his appointment on June 18, 2023”. The notification also announced the approval of Bagchi’s appointment as the new MD and CEO for a five-year term, effective June 19, 2023, or the date of regulatory approval(s), whichever is later.
Bagchi, who has been with ICICI Bank since 1992, has extensive experience in the financial services industry, having worked in various roles such as retail banking, treasury, investment banking, small-scale industry, and payment, and settlement systems. He has been serving as the Executive Director of ICICI Bank since 2017, heading the bank’s wholesale banking, transaction banking, markets group, and proprietary trading group departments.
Kannan, an esteemed member of the ICICI group for more than 30 years, has successfully navigated ICICI Prudential Life Insurance through numerous challenges, including the recent COVID-19 pandemic. Under his leadership, the insurer has emerged as a strong and diverse franchise.
To ensure efficient workforce management and provide career growth opportunities for younger employees, ICICI Bank and its group companies adhere to a retirement age of 58. This policy enables the organization to plan for the future and effectively manage its personnel.
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Shares of ICICI Prudential Life Insurance rose by 5% to Rs 404.45 on the BSE following the announcement of the appointment of Sandeep Bakhshi Bagchi as the new Managing Director and CEO. The market’s positive reaction reflects investor confidence in the company’s future prospects under Bagchi’s leadership.
As a seasoned professional in the financial services industry, Bagchi is expected to bring fresh perspectives and innovative ideas to the table, building on the strong foundation laid by the outgoing CEO, N S Kannan. With his proven track record of delivering results, the company is well-positioned to continue its growth trajectory in the years ahead.
Overall, the appointment of Bagchi is viewed as a positive development for ICICI Prudential Life Insurance, and investors are optimistic about the company’s future prospects under his leadership.
