Following Bhargav Dasgupta’s departure, ICICI Lombard General Insurance has named Sanjeev Mantri as the organization’s new Managing Director and Chief Executive Officer (MD and CEO). Bhargav Dasgupta resigned from his position as MD and CEO of ICICI Lombard General Insurance, ending his 15-year tenure ahead of schedule due to recent regulatory changes limiting CEO tenures to a maximum of 15 years, set to be implemented in April 2024. Sanjeev Mantri was then appointed by the board as the new MD and CEO of the company.
Resignation of Bhargav Dasgupta:
Bhargav Dasgupta, who had been the MD and CEO of ICICI Lombard for almost 15 years, made the decision to leave his position. The new rules governing CEO tenures, which now have a maximum limit of 15 years, served as the catalyst for his resignation. Dasgupta decided to leave his position before to the April 2024 implementation of this regulation. Notable is the new position Bhargav Dasgupta will hold at the Asian Development Bank.
Sanjeev Mantri’s appointment:
After Bhargav Dasgupta resigned, the board of ICICI Lombard named Sanjeev Mantri, who was already a corporate executive director, as the new MD and CEO. Mantri’s appointment is contingent on RBI approval and is intended to last for five years or until his retirement, whichever occurs first. This selection demonstrates the organization’s dedication to a successful leadership transition.
Sanjeev Mantri’s Quick Bio
Career Start-Up:
Sanjeev Mantri joined ICICI Lombard in 2015 as an Executive Director, where he oversaw a number of retail operations and handled distribution through a variety of channels. The company reached important milestones under his direction and successfully listed on the stock market, demonstrating his knowledge of the insurance sector.
Mantri brings with him nearly three decades of experience and expertise. He held important positions in renowned companies like Bennett Coleman & Company and BNP Paribas before to joining ICICI Lombard. His broad financial industry expertise has given him a thorough awareness of the nuances of the business.
Key Positions at ICICI Lombard:
At ICICI Lombard, Mantri showed his dedication to financial inclusion by managing the portfolio for inclusive and rural banking. He also made a substantial contribution to the expansion of the bank’s footprint in rural regions and played a key role in guiding the company’s entry into the small and medium-sized enterprise (SME) business segment. His leadership abilities and market expertise have surely improved as a result of these experiences.
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Leadership of Sanjeev Mantri:
As Sanjeev Mantri is ready to take over as managing director and CEO of ICICI Lombard General Insurance, the business is prepared for a smooth transfer. His depth of knowledge, aptitude for leadership, and record of success make him a promising candidate to steer the company into the future. The tenure of Sanjeev Mantri is scheduled to begin on December 1, 2023, or as soon as the Insurance Regulatory and Development Authority of India (IRDAI) grants its approval.