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Pant and Patnaik take charge as new LIC MDs, FSIB to interview 4 MDs to select a new CEO soon

by AIP Online Bureau | Jun 2, 2025 | Indian News, Life | 0 comments

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

Mumbai: Two of executive directors of Life Insurance Corporation, Ratnakar Patnaik and Dinesh Pant have taken over as managing directors of the corporation on Monday.

Both were appointed as MDs of LIC by the government on 14th May.

LIC has a provision of having four MDs, one MD & CEO and one non-executive chairman.

Two posts of MDs had fallen vacant after M. Jagannath and Tablesh Pandey retired in May end after reaching 60.

LIC after almost over two years is witnessing a major make over of its top management as MD and CEO Siddhartha Mohanty will also be retiring this weekend after reaching 62.

It is expected that the FSIB, the government’s head hunting agency for officers above executive directors in the financial institutions, will conduct interviews of all existing MDs of the corporation for selecting a new MD & CEO in place of Mohanty any time now.

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

it is likely that Sat Pal Bhanoo, the senior most MD, after Mohanty retires, will be appointed as acting MD&CEO of the corporation till a regular MD & CEO is selected and approved by the ACC.

Bhanoo, who will be retiring in Dec,2025 after reaching 60, being the senior most MD, also has a good chance to become the regular MD and CEO of the corporation till he reaches 62.

Barring a few rare cases, the government has always stuck to principle of seniority while selecting LIC’s top functionaries in the last 25 years.

Patnaik joined LIC in March 1990 as a direct recruit officer.

He is a graduate with Physics (Honours) and holds Master Degree in Public Administration. He is a Fellow of Insurance Institute of India and also holds a Diploma in Health Insurance.

Patnaik was ED (Investment-Front Office) and Chief Investment Officer of the Corporation prior to taking charge as MD.

In a career span of 35 years in the Corporation, Patnaik has occupied important positions across many geographies.

Pant was appointed actuary and ED (Actuarial) of the corporation prior to assuming the role of MD.

He is a Fellow Member of the Institute of Actuaries of India and the Institute and Faculty of Actuaries, UK. Additionally, he holds degrees in Engineering and Law, along with a Master’s in Business Administration.

Pant has been a permanent special invitee to the Board of LIC since 2017 and has served on several sub-committees, such as the Investment Committee, Risk Management Committee, and With-Profit Committee. He advises top management and the Board on key functional areas, including products, valuation, and risk management practices and strategies.

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