Sanjeev Mantri has been appointed the new Managing Director and Chief Executive Officer (CEO) of ICICI Lombard.

Mantri, who is currently an Executive Director at ICICI Lombard General Insurance, will take over his new role from December 1, 2023, or the date of IRDAI approval, whichever is later, for a period of five consecutive years.

Mantri joined ICICI Lombard in 2015 in the role of Executive Director. Prior to that he was with ICICI Bank.

The general insurer’s latest move to appoint Mantri as the MD&CEO of the company follows the recent resignation of Bhargav Dasgupta as MD&CEO of the company.

ICICI Lombard’s Board, which met on Sunday, took on record Bhargav’s resignation and noted that he would be officiating his current responsibilities as MD&CEO till the close of business hours on November 30, 2023.

The private general insurer will soon seek approval of the members of the company through postal ballot for appointment of Sanjeev Mantri as MD&CEO of the company, it said in a filing with the stock exchanges after the Board meeting.

Dasgupta, who held the post of MD & CEO of ICICI Lombard for 14 years, had resigned few days back to pursue a career outside India. Over the 14 years when Bhargav was at the helm, the company’s revenues grew six times and net profits 78 times. 

Meanwhile, Asian Development Bank (ADB) has appointed Bhargav Dasgupta as Vice-President of market solutions for 3 years.