ICICI Life Hands Mishra CEO Role For Five Years As Bagchi Leaves For HDFC Bank

ICICI Life Insurance Company is set for a change at the top, with Anup Bagchi stepping down as managing director and chief executive officer and ICICI Bank executive Sidharatha Mishra lined up to replace him.

The insurer informed the exchanges on Friday that its board had appointed Mishra to a five-year term as Additional Director, Managing Director and CEO. Regulatory and other approvals are still pending.

Mishra will start as chief operating officer on October 6. His tenure as CEO will begin on October 14, 2026, unless approval from the Insurance Regulatory and Development Authority of India (IRDAI) comes later, in which case that date will apply.

The sequence places Mishra in the COO role a week before Bagchi leaves. The CEO term can begin the day after his exit at the earliest.

Bagchi Cites A New Opportunity

Bagchi wrote to the board on October 1 to say he was leaving to take up a career opportunity outside the company. He addressed the letter to the board of directors. His last day in office is October 13, at the close of business hours. Until then, he continues as managing director and CEO. He said he would back the transition and see that duties are passed on smoothly, and thanked the board, ICICI Group, the management team and stakeholders for their trust.

In its filing, the board acknowledged his role in the growth of the ICICI Group across roles held over three decades. It said he had guided ICICI Life to become a "resilient franchise" during his time as chief. The note of appreciation accompanied the announcement of his successor.

Following his exit, Bagchi will also no longer be a key managerial personnel for the purpose of judging the materiality of events and making disclosures to stock exchanges under Regulation 30(5) of the SEBI Listing Regulations. The filing recorded this as a consequence of his resignation.

Mishra Comes From The Bank Side

Mishra has spent over 26 years in banking, the filing said. At ICICI Bank, he currently looks after the NRI and IFIG groups, voice channel and customer service, along with digital channels and partnerships. He studied science at Utkal University in Bhubaneswar and holds a postgraduate diploma in management with a finance focus from the same institute.

The insurer also disclosed that Mishra is not related to any of its directors and is not barred by SEBI or any other authority from serving as a director. The declaration was made alongside the appointment details in the same filing.