Siddhartha MohantyImage Credit source: File Photo
The Central Government on Friday appointed Siddharth Mohanty as the new chairman of Life Insurance Corporation of India (LIC) for two years. Siddhartha Mohanty, one of the four Managing Directors of LIC, was already named interim chairman for three months in March. Mohanty will retire from LIC in June 2025.
The present President MR. With Kumar completing his term on March 13, he was entrusted with financial and administrative powers and the functions of the Speaker, in addition to his own duties. LIC had informed the stock exchange citing Union Ministry of Finance communication.
Was MD of LIC Housing Finance
Mohanty who was already the Managing Director and Chief Executive Officer (CEO) of LIC Housing Finance was earlier the Chief Operating Officer of the insurance giant. Mohanty joined LIC as a direct recruit officer in 1985 and has since risen through the ranks holding various senior positions within the company. Mohanty was also the MD and CEO of LIC Housing Finance.
read this also –
Government had sold stake in LIC
Last year, the government sold 3.5% of its stake in LIC through an initial public offer, which fetched around Rs 21,000 crore at an issue price of Rs 949 per share. LIC made a stellar debut on the stock exchanges on 17th May and got listed at a discount of over 8% after a successful IPO.