ICICI Lombard announced that the company MD and CEO Bhargav Dasgupta has resigned from his position, to pursue a career opportunity outside the country. It added that the board of directors has accepted the resignation. “The Board of Directors of the Company has taken note of the resignation of Bhargav Dasgupta from the position of Managing Director & CEO of the Company. Bhargav Dasgupta shall be officiating his responsibilities till his last working date, which shall be intimated in due course of time. The Company is in the process of filling up the resultant vacancy,” the company said in a regulatory filing.
Bhargav Dasgupta, who held the post of MD and CEO of the company for nearly 14 years, would have ended his term in April 2024.
In his resignation letter, Bhargav Dasgupta said, “I am writing to tender my resignation as Managing Director & CEO of ICICI Lombard General Insurance Company Limited, to pursue a career opportunity outside the country. It has been an honour to lead ICICI Lombard for more than 14 years and to serve the 32 million policyholders who trust us for their insurance needs.”
He also thanked the team of executives and employees at ICICI Lombard for their support in taking the company to become the second largest insurance firm in the country, “growing revenues 6 times and net profits 78 times” over his tenure of 14 years. He also thanked the board of directors for their support and guidance.
“The succession planning process has been initiated and I am certain that a suitable successor will be found soon. Thereafter, I would be happy to support my successor in any manner required during my notice period,” he concluded.