Winds of change at India Inc. - A list of top management changes in recent times

Earlier in October 2022, Ravi Kumar had quit Infosys and joined Cognizant as the CEO.

In the insurance sector, Anup Bagchi was appointed as the MD & CEO of ICICI Prudential for the next five years. Bagchi will be succeeding NS Kannan whose term superannuates in June 2023.

The biggest insurance company LIC, made three big changes. MR Kumar retires and Siddhartha Mohanty has been appointed as interim chairperson, M Jagannath was appointed as Managing Director, while Tablesh Pandey replaces BC Patnaik as Managing Director.

Keep in mind that LIC has the capacity to have four managing directors and 1 chairperson as per the LIC Act of India.

In the financial sector, IndusInd Bank extended Sumant Kathpalia’s term as MD & CEO after RBI granted 2 years of extension. Meanwhile, Karnataka Bank appointed Abhishek Bagchi as the new CFO. Abhishek Bagchi was CFO & Head of finance at NSDL Payments Bank since 2017.

In the FMCG sector, Rohit Jawa was appointed as MD & CEO of Hindustan Unilever (HUL) for a period of 5 years. Current MD & CEO, Sanjiv Mehta will be retiring after being at the helm of the company since 2013.

Earlier, Prabha Narasimhan had joined Colgate from HUL in April 2022, while Sudhir Sitapati had joined Godrej Consumer from HUL in May 2021.

There were some resignations as well, Bittu Varghese resigned as the CFO of Sula Vineyards and Arvind Subramanian resigned as MD & CEO of Mahindra Lifespaces.