Govt appoints Siddhartha Mohanty as managing director of LIC from Feb 1

The government on Tuesday appointed Siddhartha Mohanty, currently serving as the managing director (MD) and chief executive officer (CEO) of LIC Housing Finance, as the MD of India’s largest insurer Life Insurance Corporation (LIC) from February 1 onwards.

He will serve as the MD of LIC till his superannuation on June 30, 2023. Mohanty will be replacing TC Suseel Kumar, who is set to retire on January 31, 2021.

“The Appointments Committee of the Cabinet (ACC) has approved the proposal of the department of financial services for appointment of Shri Siddhartha Mohanty, CEO, LIC Housing Finance as MD, LIC, in the pay scale of Rs 205,400 – Rs 224,400 with effect from the date of his assumption of charge of the post on or after 01.02.2021 and upto the date of his superannuation or until further orders, whichever is earlier”, the government notification said.

LIC has four MDs and one chairman. Currently, MR Kumar is serving as the chairman of the corporation and TC Suseel Kumar, Vipin Anand, Mukesh Kumar Gupta, and Raj Kumar are serving as the MDs of LIC.

Mohanty was the chief operating officer of LIC Housing Finance before he was appointed the CEO of the housing finance company. Prior to that, he was with the executive director in LIC, handling the legal department.