Govt appoints Siddhartha Mohanty as chairman of LIC till June 2024
The government has decided to abolish the position of Chairman of the Life Insurance Corporation (LIC) in India from the end of June 2024. Instead, the insurance giant will be headed by a Managing Director and CEO.
In a notice issued on Friday, the government has appointed Interim President Siddhartha Mohanty as Chairman of LIC until June 29, 2024. Then he will hold the position of Managing Director and CEO until June 7, 2025, i.e. until the age of 62.
The Life Insurance Corporation of India (Employees) Pension Rules and LIC Act 1959 have been amended in 2021 to abolish the position of Chairman and appoint Managing Director and Chief Executive Officer.
“Appointment of Shri Siddhartha Mohanty, Managing Director, Life Insurance Corporation (LIC), a) as Chairman of LIC for a term commencing from the date of assumption of office until 29.06.2024
b) Thereafter, as Chief Executive Officer and General Manager till 07.06.2025, i.e. until the date of attaining the age of 62 years, or until further orders, whichever is earlier in the pay scale of Rs 225,000 (fixed),” a notice issued by the Department of Personnel and Training states that .
Mohani was assigned to chair the chairmanship of the life insurance company on March 14 this year for a period of three months, after the expiry of Mr. Kumar’s term.
After the formation of Narendra Modi’s government in 2014, it decided to split the position of chairman in public sector banks into a non-executive chairman, managing director and chief executive officer.
However, the only exception is the State Bank of India (SBI), which is still chaired by the Chairman. Like SBI, LIC also has four managing directors.
Mohanty joined LIC in 1985 as a trainee administrator and has nearly four decades of experience in the financial services industry. Prior to becoming Managing Director of LIC in February 2021, Mohanty was the CEO of LIC Housing Finance.
Mohanty is a veteran of the financial services industry with nearly four decades of experience. He began his career as a direct recruitment officer with LIC in 1985 and rose through the ranks. Prior to joining LIC Housing, Mohanty was the Executive Director of LIC responsible for the legal department of the insurance company. At the firm, Mohanty worked in the areas of marketing, human resources, investments, and law. Served as Head of Investments (Monitoring), Regional Head of Marketing Division in LIC’s Western Region covering Maharashtra, Gujarat and Goa. He was also Senior Department Manager in charge of the Raipur and Cuttack branches of LIC.
Mohanty is a graduate graduate in political science with a law degree. He also has a post-graduate degree in Business Administration and is licensed by the Insurance Institute of India.