Bhargav Dasgupta has resigned from his position as Managing Director and CEO of ICICI Lombard General Insurance Company, and the company has confirmed that he will continue to fulfill his duties until his last working day. The company’s board of directors has accepted Dasgupta’s resignation, citing his intention to explore career opportunities abroad as the reason for his departure. Bhargav Dasgupta, who has held the role of MD and CEO at the insurance firm for nearly 14 years, was originally scheduled to complete his term in April 2024.
ICICI Lombard is currently in the process of identifying a suitable replacement for the long-serving MD and CEO. In his resignation letter, Dasgupta expressed his gratitude for the opportunity to lead ICICI Lombard for over 14 years and to serve the trust of the company’s 32 million policyholders who rely on its insurance services.
The news of Dasgupta’s resignation had a slight impact on ICICI Lombard’s stock price, with shares closing 1.5 percent lower at Rs 1,355 on the day of the announcement.
Dasgupta’s departure represents a significant leadership change for ICICI Lombard, one of India’s leading general insurance companies. The board will now need to select a successor to steer the company through its next phase of growth and development. The insurance industry in India has been undergoing various transformations, and the choice of the new CEO will be crucial in navigating these changes and maintaining the company’s competitive position in the market.