BC Pattanaik, MD, LIC

Out of four MDs who were appointed 2 years ago, three have retired during the corrent year and Raj Kumar, who is the coordinating person with the government for all IPO related activities, will be retiring in Feb 2022.

Mumbai, Oct 01:

B C Patnaik, 58, has joined as one of the managing directors of Life Insurance Corporation (LIC) on Friday.

The post had fallen vacant after Mukesh Gupta retired on Sept 30. 

Patnaik is a direct recruit officer of 1986 batch. 

LIC, which is getting ready to launch the largest IPO in the country,  has four post of managing directors along with a chairman..

Earlier, this year Siddhartha  Mohanty and Mini Ipe had had joined as other MDs of the corporation.

Out of four MDs who were appointed 2 years ago, three have retired during the corrent year and Raj Kumar, who is the coordinating person with the government for all IPO related activities, will be retiring in Feb 2022.

The government in a major change, recently,  had extended the retirement age of chairman of LIC to 62 and had given the current chairman MR Kumar, who was supposed to retire in June 2021, nine months of extension till March 2022.

Mohanty,59, is likely to succeed Kumar as the chairman of the corporation.

Effectively, there is now a new top team ready who steer clear the IPO,which will be hitting  the street sometime after Feb 2022. 

Also, according to the new rules notified by the government recently, the corporation will have a post of chaiman and managing director instead of the current position of a chairman. The new rule will be implemented after three years.   

Prior to taking charge as MD of LIC, Patnaik was secretary general, Council for Insurance Ombudsmen, (CIO) Mumbai.

Before joining Council for Insurance Ombudsmen, he was Director, Zonal Training Centre, North Central Zone, Agra.

In a career span of over three decades in the corporation, has occupied important positions and made his mark in the areas of marketing, new business, personnel, pension and group savings and Customer Relationship Management.

His innovative style of working, people orientation, marketing expertise and customer handling has resulted in success in each of his assignments.