Managing director Mohanty named LIC interim chairperson as Kumar era ends

Takes charge on March 14 for three months, faces challenges of LIC's falling market share and share price, apart from depleted value of its holdings in Adani group

Ending months-long speculation, the central government on March 11, via notification, appointed Siddhartha Mohanty, who is currently holding the position of managing director (MD) at Life Insurance Corporation (LIC) of India, as interim chairperson of the insurance behemoth for three months (with effect from March 14).

Mohanty will discharge his duties as chairperson of state-owned LIC, in addition to his role as MD.

“…in view of the completion of the term of Mangalam Ramasubramanian Kumar as chairperson of LIC, effective from the close of business hours on March 13, 2023, the Department of Financial Services, Ministry of Finance