Siddhartha Mohanty,acting chairman and managing director Life Insurance Corporation
Currently, Mohanty is acting chairman of the country’s biggest life insurance firm after the completion of the term of MR Kumar on March 13, 2023.
After becoming LIC chairman, Mohanty will be retiring in June 2025 as chairman of LIC retires at the age of 62 years
New Delhi:
The Financial Services Institutions Bureau (FSIB), the headhunter for top officials of state-owned banks and financial institutions, on Thursday has selected Siddhartha Mohanty,59, acting chairman and ,managing director, Life Insurance Corporation, to be the next chairman of the corporation.
“After interfacing with four candidates on March 23, 2023, Financial Services Institutions Bureau recommends Siddhartha Mohanty for the position of chairperson in LIC of India,” said the FSIB.
Currently, Mohanty is acting chairman of the country’s biggest life insurance firm after the completion of the term of MR Kumar on March 13, 2023.
After becoming chairman of the corporation, Mohanty will retire in June 2025 as chairman of LIC retires at the age of 62 years.
Mohanty, a direct recruit LIC officer of 1985 batch, was elevated as the MD of the corporation in February 2021.
Analysts have hailed the selection of Mohanty as the next chairman of the life insurance behemoth as he is experienced and has been part of core team of the corporation for the last 2 years.when LIC has undergone many basic changes including going public.
The four MDs who had faced the FSIB interview virtually are- Mohanty, Mini Ipe, BC Patnaik and M Jagannath.
The final decision on the FSIB recommendation will be taken by the Appointments Committee of the Cabinet(ACC) headed by Prime Minister Narendra Modi after having due diligence from due authorities including ministry of finance.
The government in 2021 extended the superannuation age of the LIC Chairman to up to 62 years by making an amendment to the Life Insurance Corporation of India (Staff) Regulations, 1960.
The changes made in the rules are called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021.
FSIB, the six members panel, is headed by the former secretary of the Department of Personnel and Training (DoPT), Bhanu Pratap Sharma.
Other members of the headhunter are the Secretary, Department of Financial Services Vivek Joshi, Secretary, Department of Public Enterprises Ali Raza Rizvi, IRDAI Chairman Debasish Panda, former LIC managing director Usha Sangwan, former Oriental Insurance CMD A V Girija Kumar and former member IRDAI Sujay Banerjee.
It is to be noted that the retirement age for the top executives of the majority of PSUs is 60 years, barring a few exceptions, including the State Bank of India (SBI).