Sanjeev Mantri has been appointed as the new Managing Director and Chief Executive Officer (CEO) of ICICI Lombard.
Mantri, currently the Executive Director of ICICI Lombard General Insurance, will take over the new position with effect from December 1, 2023 or the date of IRDAI approval, whichever is later, for a consecutive period of five years.
Mantri joined ICICI Lombard in 2015 as Executive Director. Prior to this, he worked with ICICI Bank.
Following the recent resignation of Bhargav Dasgupta as MD and CEO of the company, the general insurance company has appointed Mantri as MD and CEO of the company.
The ICICI Lombard board of directors, which met on Sunday, recorded Bhargav’s resignation and noted that he will perform his current duties as MD and CEO till the end of working hours on November 30, 2023.
The private general insurance company said in a stock exchange filing after a board meeting that it will soon seek approval from company members for the appointment of Sanjeev Mantri as managing director and chief executive officer through a postal vote.
Dasgupta, who has been managing director and CEO of ICICI Lombard for 14 years, resigned a few days ago to pursue a career outside India. During Bhargav’s 14 years at the helm, the company’s revenue increased 6 times and net profit increased 78 times.
Meanwhile, the Asian Development Bank (ADB) appointed Bhargav Dasgupta as Vice President for Market Solutions for a three-year term.