Change in Directorate: MD & CEO resigns effective October 13, 2026; successor approved

The Board has noted the resignation of Mr. Anup Bagchi as Managing Director & CEO, with effect from close of business hours on Tuesday, October 13, 2026.

Fri 2 Oct 2026

Outgoing MD & CEO

Mr. Anup Bagchi resigns as Managing Director & CEO

Resignation effective date

close of business hours on Tuesday, October 13, 2026

New COO appointment effective

Mr. Sidharatha Mishra as Chief Operating Officer with effect from October 6, 2026

New MD & CEO appointment effective

Additional Director and Managing Director & CEO with effect from October 14, 2026, or the date of IRDAI approval, whichever is later

Appointment term / experience

for a period of five consecutive years; over 26 years of experience in the banking sector

What the Board decided

• The Board, on the recommendation of the Board 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.
• Mr. Bagchi's resignation letter states that he wishes to pursue a new career opportunity outside the organization, and that he remains committed to supporting the transition.
• Mr. Sidharatha Mishra has been appointed as the Chief Operating Officer, with effect from October 6, 2026.
• Mr. Mishra has also been appointed 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.
• These appointments are subject to requisite approvals.

Profile of the incoming MD & CEO

• Mr. Sidharatha Mishra 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.
• The update states that none of the Directors are inter-se related to him, and that he is not debarred from holding the office of Director pursuant to any SEBI Order or Order of any such authority.

Details of the transition

• The dates are spaced out: Mr. Mishra joins as COO on October 6, 2026, ahead of Mr. Bagchi's last day on October 13, 2026, and the MD & CEO role begins on October 14, 2026.
• The MD & CEO appointment takes effect from October 14, 2026 or the date of IRDAI approval, whichever is later, and runs for a period of five consecutive years.
• 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 under Regulation 30(5).
• The Board has placed on record its appreciation of Mr. Bagchi's contribution to the growth and success of ICICI Group over the last three decades, and noted that during his tenure at ICICI Life he steered the Company to emerge as a resilient franchise.

How to read it

• The update records both the exit and a named successor, with the successor first taking charge as COO before the MD & CEO role, so the change is set out as a sequenced handover.
• The key dates to track are October 6, 2026 for the COO role, October 13, 2026 for the end of the current MD & CEO's tenure, and October 14, 2026 or the date of IRDAI approval, whichever is later, for the new MD & CEO.

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