The Appointments Committee of the Cabinet (ACC) has approved the appointment of Siddhartha Mohanty, interim LIC Chairman, as regular Chairperson of the state-controlled Life Insurance Corporation of India (LIC) till June 29, 2024.
Post this date, Mohanty will serve as Chief Executive Officer and Managing Director of insurance behemoth till June 7, 2025, which is the date of his attaining the age of 62 years or until further orders, whichever is earlier, said an executive order issued by the Department of Personnel and Training on Friday.
The ACC has also approved the ex post facto entrustment of financial and administrative powers and functions of LIC Chairperson to Siddhartha Mohanty, Managing Director of LIC, in addition to his own duties for a period of three months with effect from March 14 this year or till regular Chairperson is appointed, whichever is earlier.
Mohanty began his career as a direct recruit officer with the LIC in 1985 and has since held various senior positions within the insurance behemoth, gradually rising through the ranks.
Mohanty had in mid March replaced MR Kumar as interim chairperson of LIC for a three-month period.
It maybe recalled that the Centre had last May raised as much as ₹20,560 crore in the LIC’s initial public offering, which was the largest ever IPO in the country till date.