Govt appoints Siddhartha Mohanty as interim chairman of LIC

Siddhartha Mohanty

Siddhartha Mohanty, the present Managing Director (MD) and Chief Executive Officer (CEO) of Life Insurance Corporation of India (LIC), has been appointed as LIC’s interim Chairperson.

According to LIC’s exchange filing, the government approved Mohanty’s appointment, and he would hold the role of Chairman for three months.

According to stock exchange filing by LIC, this means that the present chairman, Mangalam Ramasubramanian Kumar, would not be given an extension. According to the filing, MR Kumar’s term as Chairman of LIC of India will end on March 13, 2023.

“The Department of Financial Services, Ministry of Finance, Govt of India, has approved the appointment of Shri Siddhartha Mohanty, Managing Director, to assume the financial and administrative powers and functions of Chairperson, LIC, in addition to his own duties, for an interim period of three months starting from March 14, 2023,” LIC said in a filing on Saturday, March 12.

Mohanty’s appointment will be in effect until a regular appointee takes over the office or until additional orders are issued, whichever comes first, according to the filing.

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Mohanty was named as the Managing Director of insurance behemoth LIC on February 1, 2021, for a term of more than two years, until June 30, 2023, or until his superannuation.

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