M.R Kumar, chairman, Life Insurance Corporation
The government is actively thinking about giving the last extension to Kumar as it is yet to finalise about his successor
Though, there were some talks earlier that the government may go for a private sector candidate for the LIC chairmanship, it is unlikely to happen
Mohanty, the senior most MD of the corporation is a likely candidate for the chairmanship of the corporation as he will be retiring on 30th June 2023
New Delhi:
The government is considering to allow another three month extension of M.R Kumar, chairman, Life Insurance Corporation till June 2023.
Kumar, who has already got two extensions, beyond 60, in the last two years has now tenure upto March 2023.
However, in the new framework announced earlier, a LIC chairman can hold office upto 62 and Kumar will be reaching that age by June.
The government is actively thinking about giving the last extension to Kumar as it is yet to finalise about his successor.
Recently, the Financial Services Institution Bureau (FSIB), the government’s head hunting agency for the top posts of state owned bank and insurers, has selected M Jagannath and Tablesh Pandey for two posts of managing directors of the corporation after interviewing six shortlisted senior officials of the corporation.
After their appointments are cleared by the Appointments Committee of Cabinet(ACC) Jagannath, currently zonal manager, South Central Zone, LIC will be succeeding Raj Kumar who retired in January end while Pandya will replace Vishnu Pattnaik who will be retiring in March end.
Sources pointed out that the fact the IFSB did not include the selection of a new chairman, though the post may fall vacant in March end, while conducting the interviews for the two posts of MDs, it was clear that the government wants more time to take a call on LIC chairman’s appointment.
By giving Kumar another three month exstension, the department of financial services, which is busy for the Budget session will have more time in its hands to select a right candidate.
Besides, after two new MDs join, government will have more names of MDs while shortlisting the names as in the new norms, only MDs can be considered for the post chairmanship. Earlier, executive directors of the corporation were also eligible for such shortlisting.
Kumar, who became chairman of LIC in 2019, was the zonal manager (in charge) of the North Zone.
Though, there were some talks earlier that the government may go for a private sector candidate for the LIC chairmanship, it is unlikely to happen.
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.
Before the listing of 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 remains at 60.
Mohanty, the senior most MD of the corporation is a likely candidate for the chairmanship of the corporation as he will be retiring on 30th June 2023.
He can get a two-year tenure as LIC chairman till he reaches 62.