ICICI Lombard General Insurance Co. on Sunday approved the appointment of Sanjeev Mantri as the new managing director and chief executive officer of the company.
The appointment will take effect on Dec. 1 or from the date of approval from the Insurance Regulatory and Development Authority of India. It will be for five years or until his date of retirement, whichever is earlier, according to an exchange filing.
Mantri is currently an executive director with the company.
The appointment comes after the resignation of its present CEO, Bhargav Dasgupta, which will be effective on Nov. 30. Last week, Dasgupta had resigned from his position, citing "better career opportunities outside India".
The board of directors has expressed their "appreciation of Dasgupta's distinguished service and stellar contribution to the growth and success of ICICI Lombard and his significant contribution over the past thirty-one years across a variety of roles in the ICICI group".
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