MD & CEO resigns effective October 13, 2026; Sidharatha Mishra appointed COO, approved as MD & CEO

Anup Bagchi's resignation as MD & CEO taken on record, effective close of business hours on October 13, 2026, to pursue an opportunity outside the organisation.

Fri 2 Oct 2026

MD & CEO resignation effective

close of business hours on October 13, 2026

COO appointment effective

October 6, 2026

MD & CEO appointment effective

October 14, 2026 or IRDAI approval, whichever is later

Appointment tenure

five consecutive years

Successor's experience

over 26 years of experience in the banking sector

What the Board noted

At its meeting held today, the Board of Directors of ICICI Life Insurance Limited, on the recommendation of its Nomination and Remuneration Committee, noted the resignation of Mr. Anup Bagchi as Managing Director and Chief Executive Officer, with effect from close of business hours on Tuesday, October 13, 2026. In his resignation letter, Mr. Bagchi said he wishes to pursue a new career opportunity outside the organisation, and that he remains committed to supporting the transition and ensuring responsibilities are handed over smoothly. The Board placed on record its appreciation of his contribution to the growth and success of ICICI Group over the last three decades. Consequent to the resignation, Mr. Anup Bagchi ceases to be Key Managerial Personnel for the purpose of determining materiality of an event or information and for making disclosures to stock exchanges.

The succession plan

• Mr. Sidharatha Mishra has been appointed as Chief Operating Officer with effect from October 6, 2026.
• The Board approved his appointment as an Additional Director and Managing Director & CEO with effect from October 14, 2026, or the date of approval of the Insurance Regulatory and Development Authority of India, whichever is later, for a period of five consecutive years, subject to requisite approvals.
• He will be transferred from ICICI Bank Limited and relieved of his responsibilities at the Bank from the close of business hours of October 5, 2026, and will cease to be a Senior Management Personnel of the Bank on that date.

Who is Mr. Sidharatha Mishra

• He holds a bachelor's degree in science and a postgraduate diploma in management with a specialisation in finance from Utkal University, Bhubaneswar.
• He has over 26 years of experience in the banking sector.
• He presently heads the digital channels & partnerships, voice channel, customer service, NRI & IFIG groups of ICICI Bank Limited.
• Mr. Mishra is not debarred from holding the office of Director pursuant to any SEBI order or order of any such authority.
• None of the Directors are inter-se related to Mr. Mishra.

How the handover is timed

• Mr. Mishra takes charge as Chief Operating Officer from October 6, 2026, while Mr. Bagchi continues as Managing Director & CEO until the close of business hours on October 13, 2026, giving a period of overlap for the handover.
• The Managing Director & CEO role formally passes to Mr. Mishra from October 14, 2026, or the date of IRDAI approval, whichever is later.
• His appointment as an Additional Director and Managing Director & CEO is subject to requisite approvals, including that of IRDAI.

What this means for readers

This is a top-leadership change at the life insurance company, disclosed along with the succession plan. A named successor has been approved, and the Chief Operating Officer role begins a week before the outgoing Managing Director & CEO steps down, which the update frames as a planned transition. The new Managing Director & CEO's appointment becoming effective depends on the later of October 14, 2026 and the date of IRDAI approval.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.