State-owned life insurer Life Insurance Corporation (LIC) has announced the redesignation of its chairman, Siddhartha Mohanty, as Chief Executive Officer (CEO) and Managing Director (MD), effective June 30, 2024. It remains uncertain whether LIC will appoint a new chairperson.
Siddhartha Mohanty assumed the role of Chairperson of LIC in April 2023, following his previous position as Managing Director. Mohanty is highly qualified, holding a Master’s degree in Political Science, a Bachelor’s degree in Law, and a Post Graduate Certification in Business Management.
Joining LIC as a Direct Recruit Officer in 1985, Mohanty has gained over three and a half decades of experience across various roles within the organization. His career spans multiple capacities, including life insurance marketing, human resources, legal affairs, and investments. Notably, he has held positions such as Senior Divisional Manager in charge, Regional Manager of Marketing Vertical, Chief of Investment: Monitoring & Accounting, Executive Director Legal, and CEO of LIC Housing Finance Ltd., which is a listed associate company of LIC and one of India’s largest housing finance companies.
Mohanty’s extensive experience and deep understanding of the life insurance industry and LIC’s operations position him well for his new role as CEO and MD.