LIC names Siddhartha Mohanty as its first CEO; why chairman post discontinued?

Siddhartha Mohanty will become the first chief executive of the Life Insurance Corporation of India (LIC) as it aligns with other public listed companies.

The government has named Siddhartha Mohanty as the first chief executive of the Life Insurance Corporation of India (LIC) for the term beginning in June 2024 to June 2025. He had been serving as the corporation's interim chairman since March.

Siddhartha Mohanty was managing director of Life Insurance Corporation of India (LIC) during its initial public offering (IPO) launch. (REUTERS)

Why has LIC discontinued chairman post?

LIC, the country's largest insurer has decided to phase out the chairman post to align with other publicly traded corporations.

In May, LIC offered the largest IPO in India to date as the government agreed to sell a 3.5% stake.

Who is Siddhartha Mohanty?

1. Mohanty was one of four managing directors at LIC when insurer launched its IPO.
2. He began his career with LIC as a direct recruit officer in 1985 and rose through the ranks to the top position.
3. Mohanty has postgraduate degree in political science and degree in law. Mohanty also holds a postgraduate degree in business management and is a licentiate from the Insurance Institute of India.
4. Mohanty work areas include marketing, human relations, investments and legal sector.
5. Financial Services Institutions Bureau (FSIB) recommended Siddhartha Mohanty's name for the post of chairman. The decision regarding the appointment of Mohanty as the LIC chairman was taken by the Appointments Committee of Cabinet (ACC) headed by PM Narendra Modi.

(Input from wires)