Year 2023 will see complete change of LIC’s top management, as starting with Kumar, other three MDs, BC Pattanaik, Mini Ipe and Siddarth Mohanty along with MR Kumar,chairman will be retiring in next six months
The Financial Services Institution Bureau (FSIB), the government’s head hunting agency for the top posts of state owned bank and insurers, will be interviewing six shortlisted senior officials of the Life Insurance corporation on Monday to select one of the managing directors for the corporation.
Two posts of MDs will fall vacant after Raj Kumar, who is on an one year extension, retires on January 31 and Vishnu Pattnaik ends his tenure in March end.
M Jagganath, zonal manager, south central zone, LIC along with other officials including Anju Bala Purshottam, Tables Pandey, Arju Lahiri and Rajiv Sachdeva will be facing the interview tomorrow in New Delhi.
The candidates have been shortlisted on the basis of their seniority.
LIC currently has four MDs
Year 2023 will see complete change of LIC’s top management, as starting with Kumar, other three MDs, Pattanaik, Mini Ipe and Siddarth Mohanty along with MR Kumar,chairman will be retiring in next six months
Kumar, chairman, who has got two extensions in the last two years, will be calling it a day in March end after reaching 62.
Before the listing the corporation, the government had proposed a few changes at the top level of the organisation and had said a LIC chairman can continue upto 62 years.
The retirement age for thee LIC MDs remain at 60.
Mohanty, the senior most MD of the corporation is a likely candidate for the chairmanship of the corporation. He will get a two-year tenure till he reaches 62.
The ministry of finance (MoF) is yet to initiate the process of shortlisting candidates for the post of chairman.
The government has always preferred seniority as the main criteria for appointing a chairman at LIC in the recent times.
Though, there were earlier reports that the government aims to appoint a private sector professional as the first chief executive in place of a chairman of the LIC, there have been no movements on the issue.
“It is is unlikely to happen soon,” said MoF sources.
After FSIB selects the candidate, it will be sent to the department of financial services (DFS) which will start obtaining vigilance clearance or reports regarding ongoing/contemplated inquiry or investigation or proceeding, if any, against the recommended person from various bodies like Central Vigilance Commission(CVC) before seeking approval of Appoint Committee of Cabinet(ACC).
FSIB, constituted under Bhanu Pratap Sharma, former secretary, Department of Personnel and Training (DoPT) has three insurance experts, Girija Kumar, former CMD of OIC, Sujay Banarji, former member of IRDAI and Usha Sangwan, former MD of Life Insurance Corporation(LIC).
Along with these three experts, the panel will have Debasish Panda, chairman, IRDAI and Vivek Joshi, secretary, Department of Financial services(DFS).