If IFSB decides to hold the interview for post of chairmanship of the corporation shortly then Siddath Mohanty, acting chairman, Mini Ipe,MD, M Jagannanth and Tablesh Pandey will be shortlisted as eligible candidates for the selection

New Delhi/Mumbai

The government on Monday has cleared the appointment of M Jagannath and Tablesh Pandey as managing directors of Life Insurance Corporation.

While Jagannath has already taken over as one of managing directors of the corporation on Monday, Pandey will succeed Bishnu Patnaik, managing director, who is retiring in March end.

Both Jagannath, who was earlier heading South Central zone, and Pandey, an executive director, will be retiring in May 2025.

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 Jagannath and Pandey after interviewing six shortlisted senior officials of the corporation.

Last week, the government has appointed Siddhartha Mohanty, 59, managing director, as the interim chairman of Life Insurance Corporation of India (LIC) for three months starting from Tuesday..

For Mohanty,59, this will be an interim arrangement in addition to his own duties.

MR Kumar,61, who was a chairman of the corporation since 2019 retired on Monday after completing his second extension.

Mohanty, as the senior most MD of the corporation is a likely candidate for the post of 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.

Department of Financial Services conveyed the approval of the competent authority, for entrusting financial and administrative powers and functions of chairperson, LIC in the interim to Siddhartha Mohanty, managing director in addition to his own duties, for a period of three months, with effect from 14th March, 2023, or till assumption of the charge by the regular appointee to the said post, or until further orders, whichever is the earliest, said LIC in a stock exchange filing on Saturday.

Sources pointed out that the fact that 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, had hinted that the government wants more time to take a call on LIC chairman’s appointment.

After two new MDs join, government will have more names of MDs while shortlisting the names as according to the new government norms, only MDs can be considered for the post chairmanship. Earlier, executive directors of the corporation were also eligible for such shortlisting.

Now, if IFSB decides to hold the interview for post of chairmanship of the corporation shortly then Mohanty, Mini Ipe,MD, Jagannanth and Pandey will be shortlisted as eligible candidates for the selection.

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, three MDs, Pattanaik, Ipe and Mohanty will be retiring in next six months.

Ipe will be retiring in August end.