Jagannath, currently zonal manager, South Central Zone, LIC will be succeeding Raj Kumar who will be retiring tomorrow while Pandya will replace Vishnu Pattnaik who will be retiring in March end
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
New Delhi:
The Financial Services Institution Bureau (FSIB), the government’s head hunting agency for the top posts of state owned bank and insurers, interviewing six shortlisted senior officials of the Life Insurance corporation on Monday, has selected M Jagannath and Tablesh Pandey for two posts of managing directors of the corporation.
Jagannath, currently zonal manager, South Central Zone, LIC will be succeeding Raj Kumar who will be retiring tomorrow while Pandya will replace Vishnu Pattnaik who will be retiring in March end.
Jagganath is a commerce graduate, having many academic qualifications such as CA (Inter), PG Diploma in Marketing, International PG Diploma in Life Insurance, General Insurance and Risk Management from the Institute of Insurance and Risk Management (IIRM), Hyderabad.
He is also an Associate Member of the Insurance Institute of India, Mumbai.
Pandya is an agricultural engineering graduate.
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).
It will take couple of months by the time the government issues appointment letters for Jaggannath and Pandya after getting all the due clearances, said sources.
Jagganath, along with other officials including Anju Bala Purshottam, Tables Pandey, Arju Lahiri and Rajiv Sachdeva had appeared for the FSIB interview for filling up two posts MDs in LIC.
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 in the existing top level structure of the organisation and had said a LIC chairman can continue upto 62 years.
The retirement age for three 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.
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 has Debasish Panda, chairman, IRDAI and Vivek Joshi, secretary, Department of Financial services(DFS).