Centre has appointed Siddhartha Mohanty as the head of the Life Insurance Corporation of India (LIC) until June 2024, news agency Reuters reported on Friday. He will then continue as the chief executive officer and managing director until June 7, 2025.
Mohanty will attain superannuation on June 2025.
Earlier in March, the Financial Services Institutions Bureau (FSIB) had shortlisted Mohanty for the position of chairman of the life insurer. The chairman is selected from four managing directors of the company and the final call is taken by the Centre.
On March 11 Centre had appointed Mohanty as the interim chairperson of the insurance behemoth for three months. Kumar has been serving as chairperson since March 2019. His term was supposed to end in March 2022 but got extended by a year for the smooth sailing of the impending initial public offering of the state-owned insurance behemoth.
Mohanty was appointed MD of LIC in February 2021, taking over from T C Suseel Kumar, and is scheduled to serve in his post until his superannuation in June this year. Mohanty is one of the three MDs currently placed at LIC. The other two are Mini Ipe and B C Patnaik. Generally, LIC has one chairperson and four MDs as its key managerial personnel.
Before joining LIC as MD, Mohanty was serving as MD and chief executive officer of LIC Housing Finance - one of the largest mortgage financiers in the country.
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LIC Housing Finance is a subsidiary of LIC, where the insurer holds a little over 45 per cent. Before being appointed CEO, Mohanty was the company’s chief operating officer.
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