ICICI Prudential Life Insurance, a private sector life insurer, announced on Thursday that its board of directors has approved the appointment of Anup Bagchi as the next managing director & CEO of the company, with NS Kannan set to superannuate from service in June. Bagchi, who is presently the executive director of ICICI Bank and a non-executive director of the life insurance company, has been appointed as the MD & CEO for a period of five years, effective from June 19, 2023. In order to ensure a seamless transition, the board has approved Bagchi's appointment as the executive director & chief operating officer of the company, subject to regulatory approvals, from May 1, 2023. Bagchi has a vast experience in various fields including retail banking, treasury, investment banking, small-scale industry, and payment & settlement systems. His appointment as the MD & CEO of ICICI Prudential Life is subject to receipt of requisite approvals from insurance regulator Irdai. Bagchi had tendered his resignation from the board of ICICI Bank with effect from close of business hours on April 30.