ICICI Prudential Life has appointed Sidharatha Mishra as the managing director and chief executive from October 14 for five years, following the resignation of the incumbent Anup Bagchi, effective October 13, to head HDFC Bank as the chief executive.
Mishra, who is currently heading digital channels and partnerships, voice channel, customer service, and the NRI and IFIG groups at ICICI Bank, has more than 26 years of experience in the banking sector, and will take over as chief operating officer from October 6, the company said in an exchange filing Friday.
Mishra holds a bachelor’s in science and a postgraduate diploma in management, with a specialisation in finance, from Utkal University, Bhubaneswar.
Meanwhile. Bagchi, who has been the CEO from 2023, in his resignation letter dated October 1, said he is stepping down to pursue a “new career opportunity outside the organization”. His resignation will take effect from the close of business hours on October 13.
“I remain committed to supporting the transition in every possible way and ensuring that all responsibilities are handed over smoothly,” Bagchi said in the letter addressed to the board.
The insurer also said none of its directors are related to Mishra and that he is not debarred from holding the office of director under any order issued by Sebi or any other authority.
Mishra has also been appointed as an additional director of the company with effect from October 14, or the date of approval from the Insurance Regulatory and Development Authority, whichever is later, for a period of five consecutive years, subject to requisite approvals, the filing said.
Mishra holds a bachelor’s degree in science and a postgraduate diploma in management, with a specialisation in finance from Utkal University, Bhubaneswar.