ICICI Lombard General Insurance Company Limited announced that based on the recommendation of the Board Nomination & Remuneration Committee, the Board of Directors of the Company at its Meeting held on April 17, 2024, noted and approved inter alia the following: Appointment of Chairperson of the Board. In continuation to the company?s letter dated August 7, 2023, Mrs. Lalita D. Gupte shall retire as Chairperson of the Board and Non-executive, Independent Director of the Company with effect from the close of business hours on June 29, 2024. Mr. Rakesh Jha, Non-executive, Non-independent Director of the Company has been appointed as Chairperson of the Board with effect from June 30, 2024 or date of IRDAI approval, whichever is later.

Mr. Rakesh Jha is a Non-executive, Non-independent Director on the Board of the Company since May 28, 2022. Mr. Rakesh Jha is also Executive Director on the Board of ICICI Bank Limited since September 2, 2022. He is responsible for the retail, small enterprises and corporate banking businesses of the Bank.

He also serves on the Board of ICICI Venture Funds Management Company Limited, ICICI Securities Limited and ICICI Home Finance Company Limited. Mr. Rakesh Jha has been with ICICI since 1996 and has worked in various areas including financial reporting, planning, strategy, asset- liability management and investor relations. He is knowledgeable and has practical experience in the areas of accounting, banking, insurance, economics and finance.

Prior to his current role, he was the Group Chief Financial Officer of the Bank. Mr. Rakesh Jha has a management degree from the Indian Institute of Management, Lucknow and an engineering degree from the Indian Institute of Technology, Delhi. Mr. Ashvin Parekh, Non-executive, Independent Director of the Company has completed his second term and consequently ceased to be a Non-executive, Independent Director of the Company with effect from the close of business hours on April 17, 2024.

Pursuant to IRDAI (Corporate Governance for Insurers) Regulations, 2024, Mr. Gopal Balachandran ceased to be Chief Risk Officer of the Company with effect from the close of business hours on April 17, 2024. He would continue to be Chief Financial Officer of the Company. Mr. Steve Dsouza has been appointed as Chief Risk Officer, a Key Management Person under the IRDAI Regulations and Senior Management Personnel of the Company, with effect from April 18, 2024.

Consequently, Mr. Steve Dsouza ceased to be Chief Information Security Officer with effect from the close of business hours on April 17, 2024. Mr. Steve Dsouza is currently working as Chief Information Security Officer of the Company. He has over 16 years of experience in the field of Enterprise Risk Management, Cyber and Information Security, Audit and Compliance.

Mr. Steve Dsouza completed his Masters in Marketing Management from Jamnalal Bajaj Institute of Management Studies.