LIC to Get New Chief Soon as Mohanty's Term Ends
Siddhartha Mohanty, the current chief of LIC was appointed as chairman in April 2023 and scheduled to retire on June 29, 2024. He was then re-designated as MD and CEO on June 30, 2024 and his term is scheduled to end on June 7, 2025.
New Delhi: The government is likely to soon appoint the new chief of the country’s largest life insurer Life Insurance Corporation of India (LIC) after the retirement of its current managing director and chief executive officer (MD & CEO) Siddhartha Mohanty, whose term is scheduled to end on June 7, 2025. Among all the senior MDs, Sat Pal Bhanoo, the senior most MD is learnt to be a frontrunner for the post and may take charge as “acting MD & CEO” of the corporation soon after Mohanty demits office till a full-fledged MD & CEO is selected and approved by the Appointments Committee of the Cabinet (ACC), a source privy to development said on Friday.
Siddhartha Mohanty, the current chief of LIC was appointed as chairman in April 2023 and scheduled to retire on June 29, 2024. He was then re-designated as MD and CEO on June 30, 2024 and his term is scheduled to end on June 7, 2025. “However, Bhanoo, who will be retiring in December 2025 after reaching 60, being the senior most MD, may be considered to become the regular MD and CEO of the corporation till he reaches 62. It all depends on ACC who can take the final call in this matter,” the source said.
Based on the recommendations of headhunter body Financial Services Institutions Bureau (FSIB), the ACC recently approved the appointment of Dinesh Pant and Ratnakar Patnaik for the post of MDs, LIC of India. Both MDs will take charge on June 01, 2025. FSIB selected Pant and Patnaik for MD position on February 20, 2025 and LIC Board comprises four MDs and an MD & CEO.
Barring a few rare cases, the government has always stuck to the principle of seniority on appointments, while selecting LIC’s top functionaries in the last 25 years. Pant will serve as MD till May 31, 2027 i.e. his superannuation or until further orders, whichever is earlier. Currently, he is working in LIC as executive director (actuarial) at Central Office in Mumbai. However, beginning his stint Patnaik will continue as MD till March 31, 2028 i.e. till his superannuation or until further orders, whichever is earlier. Currently, he is executive director (INVT - Front Office & CIO) in the same office.
As far as the selection process of top honchos in LIC is concerned, Patnaik and Pant will be able to appear for the post of the new MD & CEO of LIC, only then when office has a strength of full-fledged four MDs. These two, however, are joining early next month. Among the two, Patnaik has got the longest residual service; hence he has a fair chance to become the next MD and CEO of LIC, while everything will depend on the recommendation of FSIB and ACC's final notification thereon.
It may be also noted that two posts of MDs are falling vacant as both MDs namely M Jagannath and Tablesh Pandey are retiring on May 31, 2025, while the incumbent MD & CEO Mohanty will be completing his terms of service in the first week of next month.
