Anup Bagchi, MD & CEO, ICICI Prudential Life: N S Kannan, the current MD & CEO of ICICI Prudential Life Insurance, is set to retire at the end of his term in June 2023. Anup Bagchi, an Executive Director at ICICI Bank, will succeed him as MD & CEO for a five-year term beginning June 19, 2023, subject to insurance regulator approval. 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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About Bagchi & his Predecessor
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. He has worked in various areas of the financial services industry for over three decades, including retail banking, treasury, investment banking, small-scale industry, payment, and settlement systems. Kannan, on the other hand, has been with the ICICI group for over 30 years, holding various positions such as MD & CEO of ICICI Prudential Life and 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.