Hitesh Joshi, CMD designate, GIC Re
The officials who were shortlisted for the interview are — three senior most senior officials of GIC Re-Hitesh Joshi, executive director(ED) and acting CMD,Jayshree Bala, ED, V Balkrishna, general manager and two private sector professional,Rajiv Kumar, CEO, Alliance Insurance Corporation, Tanzania and Ashok Lahoty,appointed actuary of state owned National Insurance Company(NIC)
New Delhi:The FSIB on Tuesday has selected Hitesh R Joshi, 57, senior most executive director and acting CMD of GIC Re as the new CMD of Mumbai based state owned reinsurer.
Joshi joined GIC Re in 1991 and will be retiring in Sept 2028.
The government had shortlisted five candidates,including two private sector professionals,who were interviewed by the FSIB on Tuesday, for the selection of a new CMD of state owned GIC Re.
“Keeping in view of performance in the interface their overall experirnce and extant [erformance Joshi has been recommended as the CMD of GIC Re,” said the FSIB on Tuesday.
The officials who were shortlisted after due delligence are — three senior most senior officials of GIC Re-Hitesh Joshi, executive director(ED) and acting CMD,Jayshree Bala, ED, V Balkrishna, general manager and two private sector professional,Rajiv Kumar, CEO, Alliance Insurance Corporation, Tanzania and Ashok Lahoty,appointed actuary of state owned National Insurance Company(NIC).
The FSIB is the government’s head hunting institution for selecting the senior management(executive directors and above) of PSU financial institutions.
After the selection by the FSIB, Joshi’s name will be sent for the approvals by the Appointment Committee of Cabinet(ACC) headed by the Prime Minister Narendra Modi, by the Department of Financial Services(DFS).
The post had fallen vacant after N Ramaswamy retired from the job in Sept(2025) end and Joshi was appointed as acting CMD in Oct,2025.
This is also for the first time, private sector candidates have been shortlisted for the selection of GIC Re CMD post,.