In a significant leadership transition, the board of ICICI Lombard General Insurance has appointed Sanjeev Mantri as the new Managing Director and Chief Executive Officer (MD & CEO) of the company. This move follows the resignation of Bhargav Dasgupta, the outgoing MD & CEO, who stepped down ahead of completing his 15-year tenure due to recent regulatory changes.
Bhargav Dasgupta’s Resignation
Bhargav Dasgupta, who had served as the MD & CEO of ICICI Lombard for nearly 15 years, decided to step down from his role. His resignation was prompted by the new regulations governing the tenure of CEOs, which now limit their term to a maximum of 15 years. This regulation comes into effect in April 2024, and Dasgupta chose to make an early exit from his position. It is noteworthy that Bhargav Dasgupta will be taking on a new role at the Asian Development Bank.
Sanjeev Mantri’s Appointment
Following Bhargav Dasgupta’s resignation, the board of ICICI Lombard appointed Sanjeev Mantri, who had been serving as the Executive Director of the company. Mantri’s appointment is set to last for five years or until his retirement, pending approval from the Reserve Bank of India (RBI). This appointment reflects the company’s commitment to ensuring a smooth transition in leadership.
Sanjeev Mantri: A Brief Profile
- Early Career
Sanjeev Mantri joined ICICI Lombard in 2015 as the Executive Director, where he headed various retail divisions and was responsible for distribution across different channels. His leadership was instrumental in the company’s successful listing, showcasing his expertise in the insurance industry.
- Experience and Expertise
Mantri brings with him a wealth of experience, spanning close to three decades. Prior to his tenure at ICICI Lombard, he held key positions at renowned organizations such as Bennett Coleman and Co. and BNP Paribas. His diverse experience in the financial sector has equipped him with a deep understanding of the complexities of the industry.
- Key Roles at ICICI
Within ICICI Bank, Mantri handled the Rural and Inclusive Banking portfolio, demonstrating his commitment to financial inclusion. He also played a pivotal role in leading the Small and Medium-sized Enterprises (SME) business verticals, contributing significantly to the bank’s expansion into rural markets. These experiences have undoubtedly honed his leadership skills and industry knowledge.
Smooth Transition Under Sanjeev Mantri’s Leadership
As Sanjeev Mantri prepares to take on the role of Managing Director and Chief Executive Officer of ICICI Lombard General Insurance, the company is poised for a smooth transition. His wealth of experience, leadership qualities, and track record of accomplishments make him a promising choice to lead the organization into the future. Sanjeev Mantri’s tenure is set to begin on December 1, 2023, or upon approval from the Insurance Regulatory and Development Authority of India (IRDAI).