Bhargava Dasgupta, MD & CEO, ICICI Lombard General insurance
Dasgupta has tendered his resignation, to pursue a career opportunity outside the country, said the company on Thursday.Dasgupta said the company has grown revenues six times and net profit 78 times over these 14 years
Mumbai:
Bhargava Dasgupta, 57, managing director & CEO, ICICI Lombard General Insurance, has quit his job on Thursday after almost having a 14- years stint at the company and will be joining as a vice president of Manila based Asian Development Bank (ADB) for a period of three years.
Dasgupta will be responsible for the management of the operations of ADB’s Private Sector Operations Department and Office of Markets Development and Public–Pivate Partnerships.
Dasgupta has tendered his resignation ahead of April 2024, when his current term would have ended, to pursue a career opportunity outside the country, said the company on Thursday.
Dasgupta will be officiating his responsibilities till his last working date, which will be intimated in due course of time and the company is in the process of filling up the resultant vacancy, said ICICI Lombard General Insurance.
Earlier, Dasgupta’s name was being talked about as a possible CEO of the proposed general insurance venture of Mukesh Ambani’s Jio Financial Services but it seems it has not worked out.
Sources said, Dasgupta, one of the longest serving CEOs of an insurance company in India, had earlier informed the board of the company about his plans to quit his job and the insurer has been working out on a succession plan to select its new CEO for some time.
Normally, one of the senior officials the insurer’s parent company, ICICI Bank, is brought in as the CEO of the company since it started its operations.
ICICI Lombard General Insurance currently has two executive directors- Alok Kumar Agarwal and Sanjeev Radheyshyam Mantri and one of them may be elevated as MD& CEO of the company soon.
In his resignation letter, Dasgupta, who built the company as the second largest general insurer in the country, 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 has also expressed that he would be glad to help his successor in any manner required till his tenure lasts.
Dasgupta said the company has grown revenues six times and net profit 78 times over these 14 years.
“I would have had to step down from my position in April 2024 after completion of 15 years as the CEO. As such, the succession planning process has been initiated and I am certain that a suitable successor will be found soon,” the letter said.
Dasgupta began his carrier with the erstwhile lClCl Limited in 1992 and he has held key leadership positions in diverse business areas in the lClCl Group including Project Finance, Corporate Banking, E-commerce, & Technology Management, International Banking and Life lnsurance.