The government 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.

Source: The Business Standard