FSIB will conduct interview soon of all MDs for selecting a new MD & CEO in place of Siddarth Mohanty in June after Patnaik and Pant take over their new positions

The MDs who will be appearing for the FSIB interview are-Sat Pal Bhanoo, Ramachandran Doraiswamy, Pant and Patnaik

Mumbai: After being selected by the FSIB, the Government has  cleared the appointment of  two executive directors -Ratnakar Patnaik,56, and Dinesh Pant, 57, as managing directors of Life Insurance Corporation of India (LIC) .

The FSIB is the head hunting agency for selecting officials above executive directors of state owned financial institutions.

Ratnakar Patnaik, MD -designate, LIC

However Patnaik and Pant have to wait till month end to take over their new charges as two posts will fall vacant after M. Jagannath and Tablesh Pandey  retire on May 31.

Pant ,who is  the appointed Actuary and one of the Key Managerial Personnel. will serve as MD till May 31, 2027.

Dinesh Pant, MD-designate, LIC

Patnaik will continue as MD till March 31, 2028. Currently, he is ED (Investment – Front Office) & Chief Investment Officer and one of the Key Managerial Personnels of LIC.

Siddarth Mohanty, MD and CEO, also will be retiring by the first week of June.

LIC after almost over two years, will witness a major make over of its top management, within a month, with a new team that will steer Rs 60 trillion listed life insurance behemoth amidst tougher challenges and competition in the industry.

It is expected that the FSIB will conduct interview of all MDs for selecting a new MD & CEO in place of Mohanty in June after Patnaik and Pant take over their new positions.

The MDs who will be appearing for the FSIB interview are-Sat Pal Bhanoo, Ramachandran Doraiswamy, Pant and Patnaik.

Rules stipulate that the new MD & CEO of LIC can only be chosen among existing MDs and unlike earlier times when EDs had also been promoted as chairman of the corporation which has been designated as MD &CEO since June, 24.