ICICI Pru soars 9% after appointment of Anup Bagchi as MD & CEO of company

 ICICI Pru soars 9% after appointment of Anup Bagchi as MD & CEO of company

Shares of ICICI Prudential Life Insurance Company (ICICI Pru) rallied 9 per cent to Rs 418.80 in Thursday’s intra-day trade, after the appointment of Anup Bagchi as Managing Director & Chief Executive Officer (MD & CEO) of the company. Anup Bagchi is presently the Executive Director of ICICI Bank, and Non-executive Director of ICICI Pru.

At 11:19 am; the stock traded 6 per cent higher at Rs 407.60, as compared to 0.25 per cent rise in the S&P BSE Sensex. It recovered 10 per cent from its 52-week low price of Rs 380.95, which it had touched in intra-day trade today. In the past six months, the stock underperformed market as shares fell 26 per cent, as against 2 per cent decline in the benchmark index.

The company said that the appointment is for a period of five consecutive years with effect from June 19, 2023 or the date of regulatory approval(s), whichever is later, to ensure a seamless transition of Bagchi's appointment as the Executive Director & Chief Operating Officer of the company, with effect from May 1, 2023, subject to regulatory approval(s).

Bagchi had joined the ICICI Group in 1992 and had worked in the areas of retail banking, corporate banking and treasury.

N. S. Kannan, MD & CEO, will superannuate from services of ICICI Pru on completion of his tenure of appointment on June 18, 2023.

"During his tenure at ICICI Pru, Kannan has successfully steered the company through a variety of challenges including the more recent COVID-19 pandemic challenge to build ICICI Pru as a resilient and well-diversified franchise that can successfully seize and capitalise on emerging opportunities, and has taken the company forward on the path of doubling its FY2019 value of new business by FY2023 despite these challenges," the company said.