The Central Government on Friday appointed Siddhartha Mohanty as the chairman of state-run Life Insurance Corporation of India for two years, according to an official document seen by Reuters.
Mr. Mohanty, who is one of the four managing directors at LIC, was already named interim chairman in March for three months.
ALSO READ | LIC is more than a corporate powerhouse
He was entrusted with financial and administrative powers and functions of chairperson, in addition to his own duties, with the outgoing chairperson M.R. Kumar completing his term on March 13, LIC had informed the stock exchange citing a Union Finance Ministry communication.
Mr. Mohanty who already was managing director and chief executive officer (CEO) of LIC Housing Finance, was earlier the insurance giant’s chief operating officer. He started his career as a direct recruit officer with LIC in 1985 before rising through the ranks.
Last year, the government had sold 3.5% of its stake in LIC through an initial public offer which fetched about ₹21,000 crore at an issue price of ₹949 a share. LIC made a lacklustre debut on stock exchanges on May 17, listing at over 8% discount after a successful IPO.
(With inputs from Reuters)
