National insurer Life Insurance Corporation has said R Doraiswamy has taken charge as the chief executive & managing director of the Corporation on Monday.
Earlier in the day, the department of financial services in the finance ministry, has issued a notification appointing Doraiswamy as the chief executive & managing director, the Corporation said in a statement.
Doraiswamy has been the LIC for over three decades and had held various positions like operations, marketing, technology, and academics.
Technically he is the second CEO of the corporation after it went public in May 2022, when then chairman was re-designated as the COE and MD as per the listing obligations of the Sebi.
Doraiswamy’s name was recommended by the Financial Services Institutions Bureau (FSIB) on June 11. He has been one of the four MDs of the Corporation since September 2023. Past CEO Siddhartha Mohanty's term ended on June 7, and since the FSIB could not complete the interview process on time another MD of the corporation Sat Pal Bhanoo was appointed interim CEO.
The top management of the LIC comprises the CEO& MD and four MDs. Ex-CEO Mohanty is the non-executive chairman now.
The other MDs are Sat Pal Bhanoo, M Jagannath, and Tablesh Pandey are Managing Directors.