Sanjeev Mantri has been appointed as the new managing director and CEO of ICICI Lombard General Insurance. The decision was approved by the company's board and will take effect on December 1, 2023, or when the Insurance Regulatory and Development Authority of India (IRDAI) approves it, whichever comes first.

Sanjeev Mantri's term is for five years or until his retirement date, subject to IRDAI and shareholder approval, the company said in a stock exchange notification.

This appointment comes in the wake of Bhargav Dasgupta's resignation as MD & CEO of ICICI Lombard on September 21. Dasgupta will remain in his current position until November 30.

Sanjeev Mantri has been in the business for 28 years. He began his career with Bennett Coleman and Co., the publisher of The Economic Times, and later rose through the ranks at BNP Paribas. Mantri has been with the ICICI Group for over two decades, having joined ICICI Bank in 2003.

He led several businesses at ICICI Bank, including the small and medium enterprises group and the rural and inclusive banking group. Mantri joined ICICI Lombard in 2015 as executive director, where he was instrumental in driving the company's growth.