Siddhartha Mohanty to be Interim Chairman of LIC

13 Mar 2023 , 09:30 AM

Siddhartha Mohanty has been chosen to serve as the Interim Chairman of Life Insurance Corporation of India (LIC) starting on March 14 for a period of three months. The appointment of Mohanty means that the current LIC chairman, MR Kumar, will not have his tenure extended, as per reports.

Mohanty is currently serving as the MD and CEO of LIC Housing Finance. He was named CEO of Life Insurance Corporation (LIC) on February 1, 2021. Siddhartha Mohanty was nominated to serve as LIC’s MD until his superannuation on June 30 in place of TC Suseel Kumar, who was set to retire on January 31, 2021.

LIC has made an announcement in a stock exchange filing that the term of the current Chairperson, Shri Mangalam Ramasubramanian Kumar, will be completed by the end of business hours on March 13, 2023.

As per the SEBI(LODR) Regulations of 2015, the Department of Financial Services, Ministry of Finance, Government of India, has approved the appointment of Shri Siddhartha Mohanty, the current Managing Director, to take over as the interim Chairperson of LIC, with full financial and administrative powers and responsibilities. This appointment is in addition to his existing duties and will last for a period of three months.

LIC is currently led by Bishnu Charan Patnaik, Ipe Mini, Siddhartha Mohanty, and Raj Kumar as MDs.

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