The current MD & CEO of ICICI Prudential Life Insurance, N S Kannan, is set to retire from his position in June 2023 upon completion of his term. His successor, Anup Bagchi, who is an Executive Director at ICICI Bank, will take over as the MD & CEO for a five-year term from June 19, 2023, subject to approval from the insurance regulator. To ensure a smooth transition, Bagchi has been appointed as the Executive Director & Chief Operating Officer, effective from May 1, 2023, subject to necessary approvals. The announcement was made by ICICI Prudential Life Insurance, which stated that the board of directors approved Bagchi’s appointment based on the recommendation of the board nomination and remuneration committee.
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Bagchi has been with ICICI Bank since 2017 and is currently responsible for the bank’s wholesale banking, transaction banking, markets group, and proprietary trading group departments. With over three decades of experience in the financial services industry, he has previously worked in various areas such as retail banking, treasury, investment banking, small-scale industry, payment, and settlement systems. Kannan, on the other hand, has been with the ICICI group for more than 30 years and has held various positions, including the MD & CEO of ICICI Prudential Life and the ED of ICICI Bank. During his tenure, he successfully guided the company through various challenges, including the Covid-19 pandemic, to establish it as a resilient and well-diversified franchise. The announcement of the leadership change has resulted in a 5% increase in the company’s shares, which are currently trading at Rs 404.45 on the BSE.
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