LIC chief SK Roy resigns two years before term ends

NEW DELHI: State-run life insurance behemoth LIC’s chairman SK Roy, appointed by the previous UPA government, has resigned nearly two years ahead of completion of

NEW DELHI: State-run life insurance behemoth LIC’s chairman SK Roy, appointed by the previous UPA government, has resigned nearly two years ahead of completion of his five-year term, sources said on Wednesday.

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Roy, who has been with LIC since 1981, took charge as chairman in June 2013. According to sources, Roy has officially tendered his resignation and the finance ministry will send it to the appointments committee of the Union cabinet for acceptance.

The exact reason for his sudden exit could not be ascertained immediately. He had made a similar request some months ago but the finance ministry had asked him to reconsider, sources said.

After the approval from the cabinet committee, the finance ministry will begin a search for his replacement, sources added.

Roy’s resignation is the second high-profile exit of a top official, coming three days after RBI chief Raghuram Rajan said he will not seek a second term.