New Delhi: The government may soon appoint the new head of the country’s largest Life Insurance Life Insurance Company (LIC), the country’s largest, India, and CEO, after its current managing director and CEO (MD and CEO), Siddhartha Mohanty’s deadline is set to end on June 7, 2025. The Appointment Committee of the Development Project (ACC) was in the office of Mohanty Demits, the company’s MD& CEO”.
Siddhartha Mohanty, the current head of LIC, was appointed chairman in April 2023 and plans to retire on June 29, 2024. He was subsequently re-appointed as MD and CEO on June 30, 2024, and his term is scheduled to end on June 7, 2025. “Until he reached 62, the company’s regular MD and CEO. It’s all up to ACC who can make the final call on this issue,” the source said.
According to the recommendations of the Headhunting Human Financial Services Agency (FSIB), the ACC recently approved the appointment of Dinesh Pant and Ratnakar Patnaik to MDS positions in LIC in India. Both MDs will be charged on June 1, 2025. FSIB selected Pant and Patnaik to serve in MD positions on February 20, 2025, and the LIC Board of Directors consists of 5 MDSs and one MD& CEO.
Unless there are a few cases, the government has adhered to the principle of qualifications for appointments, while choosing the top LIC staff for the past 25 years. PANT will serve as MD until May 31, 2027, that is, his pension or until further orders, whichever is earlier. Currently, he serves as Executive Director (actuary) of the Central Office of Mumbai at LIC. However, starting his term Patnaik will continue to serve as MD until March 31, 2028, that is, until his pension or until further orders, whichever is earlier. Currently, he is the Executive Director (Invt-Front Office and CIO) of the same office.
As far as the selection process of top Honchos in LIC is concerned, Patnaik and Pant will be able to appear in LIC’s new MD and LIC CEO positions until the office has the strength of a full-fledged four MD. However, these two are joining early next month. Of the two, Patnaik has the longest remaining service. So he has the opportunity to become the next MD and CEO of LIC, and it all depends on the advice of the final notice from the FSIB and ACC.
It may also be noted that two positions at MDS are in vacancies as MDS MDS and Tablesh Pandey retire on May 31, 2025, while current MD& CEO Mohanty will complete his terms of service in the first week of next month.
