ICICI Lombard Ropes In Sanjeev Mantri As MD And CEO; Bhargav Dasgupta Resigns; Stock In Focus

ICICI Bank-backed general insurance arm, ICICI Lombard has announced the appointment of Sanjeev Mantri as the Managing Director & CEO of the company, as Bhargav Dasgupta has decided to quit his position. Dasgupta will exit ICICI Lombard effective from November 30, while Mantri will take charge of his new role from December 1, 2023. Following this, ICICI Lombard's share price will be in focus this week.

In its regulatory filing on Sunday, ICICI Lombard said, "The Board of Directors have noted and taken on record that Bhargav Dasgupta, post his resignation from the services of the Company, would be officiating his current responsibilities as Managing Director and CEO till the close of business hours on November 30, 2023."

Further, the company appreciated Dasgupta's distinguished service and stellar contribution to the growth and success of ICICI Lombard and his significant contribution over the last thirty-one years across a variety of roles in the ICICI Group.

Upon Dasgupta's exit, ICICI Lombard said, "The Board of Directors based on the recommendation of the Board Nomination and Remuneration Committee have approved the appointment of Sanjeev Mantri, presently Executive Director of the Company, as Managing Director & CEO of the Company with effect from December 1, 2023, or the date of approval from Insurance Regulatory and Development Authority of India (IRDAI), whichever is later for the period of five (5) consecutive years or his date of retirement whichever is earlier, subject to approval of IRDAI and the Members of the Company."

Currently, Mantri is the Executive Director of the company.

Mantri, in a career spanning over 28 years, began his career with Bennett Coleman and Co., followed by key leadership positions at BNP Paribas. He has been with the ICICI Group for over 20 years beginning his career with ICICI Bank in 2003, where he led many businesses including Bank's Small & Medium Enterprises Group and the Rural and Inclusive Banking Group.

Mantri joined ICICI Lombard in 2015 as Executive Director spearheading the retail division of the company since then has been responsible for the distribution of products across motor dealership, agencies, bancassurance, direct and alternate channels and is in charge of strategy, products, analytics, pricing, marketing, and corporate communication verticals of the Company.

As an Executive Director, Mantri has significantly contributed towards the growth of the Retail business and improved the company's position in terms of revenue and profitability in the general insurance sector. He was also a key member in the listing of the shares of the company on the stock exchanges, the merger of erstwhile Bharti Axa with the company and the integration process.

Last week, on Friday, ICICI Lombard's share price closed at Rs 1,345.05 apiece, down by 0.91% on BSE.