the board of ICICI prudential life insurance approved the appointment of ICICI Bank Executive Director Anup Bagchi as MD and CEO for 5 years from June 19, the insurer informed the stock exchanges.
Bagchi, who is currently a non-executive director at ICICI Prudential Life, will replace the current director, NS Kannan, who will step down at the end of his term on June 18. The appointment is subject to regulatory and shareholder approvals.
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Kannan has spent more than thirty years at the ICICI Group, where, prior to heading the life insurance arm, was executive director of ICICI Bank. During his tenure, he steered the insurer through Covid-19 and doubled the value of new business (VNB) from FY19 to FY23.
To ensure a smooth transition, Bagchi will be named CEO and COO of the insurer effective May 1, also subject to regulatory approvals, the company said.
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Bagchi has been a PD at ICICI Bank since February 2017 and leads the Wholesale Banking, Transaction Banking, Markets and Proprietary Trading Group. He is also a member of the Board of ICICI Prudential Asset Management Company and Comm Trade Services, and has served as CEO and CEO of ICICI Values before that. He joined the ICICI Group in 1992 and has worked in retail banking, corporate banking and treasury.
