New Delhi:
The centre on Tuesday has approved the name of Siddhartha Mohanty,57, CEO, LIC Housing Finance, for the position of one of the the managing directors of the Life Insurance Corporation(LIC).
Mohanty can take over as MD of the LIC on or after 1st Feb and will continue till his day of retirement – 30th June 2023, said an order from the Dept of Personnel and Training (DoPT) on Tuesday.. .
He will fill up the position of MD which will fall vacant after Susheel Kumar retires in January end.
Mohanthy will be a clear-cut front-runner for the post of LIC chairman, after MR Kumar retires in June end after reaching 60, as he will be the only serving MD in the corporation,who will be having two years of residual services, which is one of the eligibility criteria for any contender to be considered for the top post at LIC.
Earlier,the Banks Board Bureau(BBB), the official body for selecting CMDs, MDs and CEOs,of the public sector banks and insurance companies, had selected Mohanty for the post of LICs’MD in Oct 2020,.
Mini Ipe,executive director, LIC, has been kept as the candidate on the reserve list for the post, the BBB.
Effectively,Ipe will be appointed as another MD of the corporation when the post will be falling vacant soon,.
Headed by Kumar, chairman,the corporation has currently has four MDs out of which three MDs will be retiring within the next year
.After Susheel Kumar, Vipin Anand and Mukesh Gupta will be retiring in July and Oct respecitively.. .
Mohanty started his career as a direct recruit officer with the corporation in 1985 and has risen through the ranks. .
Before joining LIC Housing Finance, he was executive director- Legal ,LIC