In a significant development, ICICI Lombard General Insurance announced the resignation of its Managing Director and CEO, Bhargav Dasgupta, who has served the company diligently for 14 years. Dasgupta’s decision to step down is motivated by a compelling career opportunity outside of India, marking the end of an era in the company’s leadership.
The company’s board of directors formally acknowledged Dasgupta’s resignation, as revealed in a regulatory filing. The statement also mentioned that Dasgupta will continue to fulfill his responsibilities until his last working day, the specifics of which will be communicated at a later date. Furthermore, ICICI Lombard is actively engaged in the process of identifying a suitable candidate to fill the impending vacancy.
In his resignation letter dated September 21, Dasgupta expressed his gratitude for the remarkable journey with ICICI Lombard. Under his leadership, the company achieved remarkable milestones, with its revenues soaring sixfold and net profits skyrocketing by a staggering 78 times during his tenure.
In a poignant note, Dasgupta disclosed that, in accordance with company regulations, he would have had to step down from his role in April 2024, upon completing 15 years as CEO. Acknowledging this impending transition, he stated that the succession planning process has already been set in motion. His confidence in the company’s ability to identify a suitable successor reflects his commitment to a seamless leadership transition.
This announcement marks the end of an era for ICICI Lombard, as Bhargav Dasgupta’s visionary leadership has played a pivotal role in the company’s growth and success over the past 14 years. As the search for a new CEO commences, stakeholders and industry watchers will keenly await news of the next leader who will steer the company into its next phase of growth and innovation.
In conclusion, Bhargav Dasgupta’s resignation from ICICI Lombard General Insurance marks a significant milestone in the company’s history. His legacy of growth and profitability will undoubtedly be remembered as the company moves forward in its quest for continued success and excellence in the insurance industry.