FSIB to interview 4 MDs to select a new MD & CEO of LIC

Financial Services Institutions Bureau (FSIB), the government’s head hunting agency for officers, is likely to conduct interaction of the four Managing Directors of LIC, including the two who have joined on June 01, for selecting a new MD & CEO in place of Sidhartha Mohanty who will be retiring from his post on June 06.

A source familiar with the development, told Bizz Buzz that the interaction for new MD & CEO of the Corporation will be conducted any day after June 06.

Meanwhile, two of executive directors of Life Insurance Corporation, Ratnakar Patnaik and Dinesh Pant have taken over as managing directors of the corporation on Monday last. Both were appointed as MDs of LIC by the government on May 14.

Two posts of MDs had fallen vacant after M Jagannath and Tablesh Pandey retired in May end after reaching 60.

The MDs, who will be appearing for the FSIB interview are-Sat Pal Bhanoo, Ramachandran Doraiswamy, Pant and Patnaik.

It is likely that Sat Pal Bhanoo, the seniormost MD, after Mohanty retires, will be appointed as acting MD&CEO of the Corporation until a regular MD & CEO is selected and approved by the ACC.

Patnaik joined LIC in March 1990 as a direct recruit officer. He is a graduate with Physics (Honours) and holds Master Degree in Public Administration. He is a Fellow of Insurance Institute of India and also holds a Diploma in Health Insurance. Patnaik was ED (Investment-Front Office) and Chief Investment Officer of the Corporation prior to taking charge as MD.

In a career span of 35 years in the Corporation, Patnaik has occupied important positions across many geographies.

Pant was appointed actuary and ED (Actuarial) of the Corporation prior to assuming the role of MD.

He is a Fellow Member of the Institute of Actuaries of India and the Institute and Faculty of Actuaries, UK. Additionally, he holds degrees in Engineering and Law, along with a Master’s in Business Administration.

Pant has been a permanent special invitee to the Board of LIC since 2017 and has served on several sub-committees, such as the Investment Committee, Risk Management Committee, and With-Profit Committee. He advises top management and the Board on key functional areas, including products, valuation, and risk management practices and strategies.