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Govt in no rush to find new LIC chief, may ask MD to officiate
NEW DELHI: With SK Roy resigning as chairman of the country’s largest insurance company, LIC, the focus has shifted to finding a successor.
NEW DELHI: With SK Roy resigning as chairman of the country’s largest insurance company, LIC, the focus has shifted to finding a successor.
Sources in the know of the matter said the government is in no hurry appoint a new chief for the Life Insurance Corporation. The cur rent managing director is likely to be given the interim charge of affairs, the source said.
There are at present two managing directors (MD) in LIC — VK Sharma and Usha Sangwan. “The senior of the two is likely to be given interim charge of LIC while the government searches for a successor. The MD could also be eventually elevated as the chairman,” the source said.
“The Cabinet Committee on Appointments will have to appoint the new chairman. The process of finding the right candidate, getting clearances and then appointing him or her would take months,” the source, who did not wish to be named, told HT.
While Roy has not given any reason for opting out of LIC, sources said ‘deep personal reasons’ were his untimely resignation.
Roy, appointed by the previous UPA government, resigned on Wednesday, nearly two years before his five-year term was to end. He had been with LIC since 1981, and became chairman of the life insurance behemoth in June 2013.
On May 31, 2013, he assumed charge as managing director and a month later, was elevated as chairman. Prior to being named MD, he was head of the international operations division of the public sector giant.
