The resignation
ICICI Bank told the exchanges that the board of its insurance subsidiary, ICICI Life Insurance (formerly ICICI Prudential Life Insurance), took on record the resignation of Anup Bagchi as Managing Director & CEO, effective from the close of business hours on 13 October 2026. In his resignation letter, Bagchi said he wishes "to pursue a new career opportunity outside the organization." The board placed on record its appreciation of his contribution to the ICICI Group over three decades across a variety of roles.
The succession plan
The ICICI Life board approved the appointment of Sidharatha Mishra as Managing Director & CEO for a period of five consecutive years, effective 14 October 2026 or the date of IRDAI approval, whichever is later, subject to requisite approvals. To bridge the handover, Mishra will first join as Chief Operating Officer from 6 October 2026. Per the filing, he currently heads the digital channels & partnerships, voice channel, customer service, and NRI & IFIG groups at ICICI Bank, and has over 26 years of experience in banking.
A transfer within the group
The move is also an internal transfer. The filing states that Mishra will be relieved from his responsibilities at ICICI Bank from the close of business hours on 5 October 2026, ceasing to be a Senior Management Personnel of the Bank on that date, as he moves to ICICI Life. His appointment as MD & CEO remains contingent on IRDAI approval.