FSIB to interview 4 MDs on June 11 to select a new LIC MD & CEO

Mumbai, June 09

The FSIB, the head hunting agency for selecting officials above executive directors of state owned financial institutions, will be interviewing four managing directors of life insurance behemoth, LIC on June 11, to select a new MD & CEO, of the Corporation. The interviews will be conducted in physical mode, sources familiar with the development, told Bizz Buzz.

Meanwhile, the government has appointed Sat Pal Bhanoo, managing director, Life Insurance Corporation (LIC) as the acting MD & CEO of the Corporation for the next three months. Also, the Corporation is likely to have a non-executive chairman after June 24.

The MDs, who will be appearing for the FSIB interview, include Sat Pal Bhanoo, Ramachandran Doraiswamy, Dinesh Pant and Ratnakar Patnaik. The post of MD & CEO at LIC has fallen vacant after Siddartha Mohanty retired on June 06.

Bhanoo, who will be retiring in Dec, 2025 after reaching 60, being the senior most MD, also has a fair chance to become the regular MD and CEO of the Corporation until he reaches 62. While Bhanoo is the seniormost candidate in terms of age, Patnaik is the youngest one.

Barring a few rare cases, the government has always stuck to principle of seniority while selecting LIC’s top functionaries in the last 25 years.

Both Pant and Patnaik, who were earlier executive directors of the Corporation, had assumed charge as new MDs of the Corporation on June 1.

On June 08, the Corporation had informed stock exchanges that the competent authority has entrusted the financial and administrative powers and functions of the

MD&CEO the Corporation to Bhanoo for a period of three months, with effect from June 08 upto September 07 or till assumption of charge of the post by the regular incumbent, or until further orders, whichever is the earliest.

EoM.