The Government of India has recently appointed Mr. M.R. Kumar as the chairman of LIC. He will be replacing Mr. V.K. Sharma, whose tenure in the company came to an end in December 2018. The chairman of LIC will serve as IDBI Bank’s non-executive chairman, as well. Mr. Kumar will be taking over the position from Mr. M.D. Hemant Bhargava, who was named the interim chairman of LIC after Mr. Sharma retired in December last year.
Further, Mr. Vipin Anand and Mr. T.C. Suseel Kumar have been selected as the managing directors of the public sector insurance company. One of the managing director positions has been vacant since September 2018 after the superannuation of Ms. Usha Sangwan. The other position will open up in March 2019 after the retirement of Ms. Sunita Sharma. The executive board of the life insurance firm comprises 1 chairman and 4 managing directors in total.
Mr. M.R. Kumar currently serves as the zonal manager for Delhi, while Mr. Suseel Kumar serves as the zonal manager for Hyderabad. Mr. Anand is the zonal manager for the western zone. Given that the 3 present managing directors of LIC are scheduled for retirement this year, the new chairman of LIC was expected to be picked from the list of executive directors who were shortlisted.
Until now, top executives who were to be appointed in LIC would be selected by the finance ministry. This has been the first time that the Banks Board Bureau (BBB) provided recommendations for the position.
References: Moneycontrol, The Times of India