Siddhartha Mohanty appointed as interim chairman of LIC for 3 months after MR Kumar’s term ends

The life insurance company said that the tenure of MR Kumar, the current chairman of LIC, has not been extended.

The government on March 11 named Siddhartha Mohanty, currently serving as the Managing Director and Chief Executive Officer, as the interim chairman of Life Insurance Corporation of India (LIC) with effect from March 14. Mohanty will hold the post for a period of three months. ,

According to a recent stock exchange filing by LIC, the current chairman MR Kumar will not get an extended term.

The filing said that in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015, the Department of Financial Services, Ministry of Finance, Government of India has approved the appointment of Mr. Siddharth Mohanty, Managing Director. Administrative powers and functions of the Chairman, LIC, in addition to his own duties, for an interim period of three months beginning March 14, 2023.

This appointment will be effective until a regular appointee assumes office or until further orders, whichever is earlier. The filing also mentioned that MR Kumar’s tenure as the chairman of LIC of India will end on March 13, 2023.

On February 1, 2021, Mohanty was appointed as the Managing Director of LIC for a period of two years till June 30, 2023 or till his superannuation. He succeeds TC Sushil Kumar, who retires from the post on January 31, 2021.

LIC’s investment in shares of the Adani Group had faced criticism from both investors and political leaders following allegations made against the group by Hindenburg.

ALSO READ: LIC on Adani: Positive on our investments in the group, they are within prudential norms

Mohanty started his career with LIC of India in 1985 as a direct recruit officer and has since held various senior positions within the company, gradually rising through the ranks.

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