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MUMBAI: Bhargav Dasgupta, CEO of ICICI Lombard General Insurance, has stepped down to join the Asian Development Bank as VP (market solutions). Dasgupta submitted his resignation to the board on Thursday and has sought to be relieved immediately.
In his letter, Dasgupta cited the new insurance regulation limiting a CEO’s maximum tenure to 15 years. In June this year, regulator Irdai finalised its guidelines on the remuneration of directors and CEOs, where it fixed the maximum time limit.
“As you are aware, under extant regulations, I would have to step down from my position in April 2024 after completion of 15 years as CEO. As such, the succession process has been initiated and I am certain a successor would be found soon,” Dasgupta said in the letter.
In his letter, Dasgupta cited the new insurance regulation limiting a CEO’s maximum tenure to 15 years. In June this year, regulator Irdai finalised its guidelines on the remuneration of directors and CEOs, where it fixed the maximum time limit.
“As you are aware, under extant regulations, I would have to step down from my position in April 2024 after completion of 15 years as CEO. As such, the succession process has been initiated and I am certain a successor would be found soon,” Dasgupta said in the letter.
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