Shares of ICICI Prudential Life Insurance broke the five-session losing streak on Thursday as the company announced the appointment of its new CEO.

What Happened: The insurance company on Thursday informed the exchanges that the company’s board has approved the appointment of Anup Bagchi as MD & CEO for a period of five consecutive years with effect from June 19, 2023. He will take over as the company’s COO from May 1 to ensure a ‘seamless transition.’

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Bagchi who is currently the Executive Director, of ICICI Bank and Non-executive Director of the Company will replace N. S. Kannan. An IIM and IIT alum Bagchi joined the ICICI group in 1992.

The company’s stock which was reeling at the bourses today shot up as soon as the announcement made headlines at around 11:00 am. The stock jumped over 7% to hit an intraday high of ₹418.80.

Price Action: Shares of ICICI Prudential Life Insurance were trading 5.21% higher at ₹403.90 in the early hours of trading on Thursday.

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