R Doraiswamy, managing director, LIC

Among four MDs, Doraiswamy is the second senior most MD among existing four MDs followed by Pant and Patnaik. After getting approvals from the government, he will be getting a term of over three years till August 31, 2028 as MD&CEO of the corporation when he will will turn 62

New Delhi: The Financial Services Institutions Bureau(FSIB) has selected Ramachandran Doraiswamy, 58, managing director, Life Insurance Corporation, for the position of CEO & MD of the corporation.

Since June 2024, the LIC’s chairman post has been bifurcated into two separate posts- MD&CEO and non-executive chairman.

The FSIB, the head hunting agency for selecting officials above executive directors of state owned financial institutions, had interfaced with 4 existing MDs-Sat Pal Bhanoo, Doraiswamy, Dinesh Pant and Ratnakar Patnaik- of the corporation today for the position of CEO & MD in LIC.

Among four MDs, Doraiswamy is the second senior most MD among existing four MDs followed by Pant and Patnaik. After getting approvals from the government, he will be getting a term of over three years till August 31, 2028 as MD&CEO of the corporation when he will will turn 62.

Doraiswamy, serving as MD at LIC since September 1, 2023,has more than 37 years of diverse experience in operations, Marketing, Technology and Academics.

The post of MD & CEO at LIC has fallen vacant after Siddartha Mohanty retired on last Friday after turning 62.

Keeping in view their performance in the interface, their overall experience and the extant parameters, the FSIB has recommended Doraiswamy as the next MD & CEO of the corporation, said FSIB.

Both Pant and Patnaik, who were earlier executive directors of the corporation, had taken charge as new MDs on June 1

The government, in the last week, had appointed senior most MD Bhanoo, as the acting MD & CEO of the corporation for the next three months.

Doraiswamy is a graduate in Mathematics from Madurai Kamaraj University, Fellow Member of Insurance Institute of India and a student member of Institute of Actuaries of India.

As Research Associate at National Insurance Academy, Pune he has worked on multiple projects on Micro Insurance, Insurance Law and Regulations, Product Development and Content development for Post Graduate Programmes in Insurance Management / Chartered Financial Planning

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