Centre appoints Siddhartha Mohanty as interim LIC chief

MUMBAI: The government on Saturday appointed Siddhartha Mohanty as the interim chairman of the Life Insurance Corporation of India (LIC) for three months starting March 14.

Mohanty, who is presently a managing director of LIC and chief executive officer at LIC Housing Finance, will replace incumbent chairman M.R. Kumar whose term ends on March 13.

There was speculation that Kumar might get one more extension. He had got two extensions — one from July 2021 to March 2022 and one from April 2022 to March 2023, after the government amended the LIC (Staff) regulations and increased the superannuation age to 62 for the chairperson.

In a stock exchange filing, LIC announced: “We advise that in view of the completion of the term of Kumar as chairperson of LIC of India, on March 13, 2023, the ministry of finance has conveyed the approval of the competent authority, for entrusting financial and administrative powers and functions of the chairperson, LIC in the interim to Siddhartha Mohanty, managing director, in addition to his own duties, for a period of three months, with effect from 14th March 2023, or till assumption of the charge by the regular appointee to the said post, or until further orders, whichever is the earliest.”

Mohanty, who is one of the four MDs of LIC, was appointed as MD in February 21 and is expected to hold office till June 30 this year.