Niva Bupa Health Insurance has announced significant leadership changes, including the appointment of new Non-Executive Directors and the elevation of Mr. Ankur Kharbanda to Deputy CEO. Additionally, the company has approved a new grant of over 12.2 million Employee Stock Options (ESOPs) under its 2024 scheme. These developments, finalized on May 8, 2026, come alongside the departure of two long-standing Non-Executive Directors to ensure the company remains focused on its strategic objectives.
Strengthening the Board of Directors
As part of its governance evolution, Niva Bupa has announced the appointment of Mr. Christopher Patrick Carroll and Ms. Siobhan Djihan Moynihan as Additional Directors in the Non-Executive category. Both appointments are effective May 15, 2026. These professionals bring significant international experience, with Mr. Carroll currently serving as CEO of Bupa Global (India & UK) and Ms. Moynihan holding extensive experience in global finance and insurance leadership.
Leadership Elevation
The company has also recognized the contributions of Mr. Ankur Kharbanda, who has been elevated from his current role as Executive Director and Chief Business Officer to Executive Director and Deputy Chief Executive Officer, effective May 8, 2026. With over two decades of experience in the health insurance sector, Mr. Kharbanda will continue to spearhead the company’s sales and distribution strategy.
Strategic ESOP Grant
To further align employee interests with long-term organizational growth, the board has approved the grant of 12,251,268 Employee Stock Options (ESOPs) under the Niva Bupa Employee Stock Option Plan 2024. The grant is priced at ₹72.45 per option, based on the weighted average price observed in March 2026. These options come with a four-year vesting exercise period, underscoring the company’s commitment to rewarding talent and fostering ownership.
Board Changes
The company also acknowledged the resignation of Non-Executive Directors Ms. Penelope Ruth Dudley and Mr. Carlos Antonio Jaureguizar Ruiz-Jarabo, effective at the close of business on May 8, 2026. Both directors stepped down due to other professional commitments, and the board expressed appreciation for their contributions to the company’s growth during their tenure.
Source: BSE
