MUMBAI: The government has appointed Siddhartha Mohanty as Chairman of Life Insurance Corporation of India (LIC) until June next year. He will serve as chief executive officer and managing director until June 2025.
Mohanty, who is one of four MDs at LIC, was already named as chairman in March for three months. The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, in March this year selected Mohanty to head the insurance behemoth.
As per the guidelines, the chairman is selected from the four managing directors of the company. The decision regarding the appointment of Mohanty as the LIC chairman was taken by the Appointments Committee of Cabinet) Mohanty, who became LIC’s MD in February 2021, began his career at LIC as a direct recruit officer in 1985.