The government appointed MR Kumar as the Chairman of Life Insurance Corporation (LIC) and Vipin Anand and TC Suseel Kumar as the managing directors (MDs) on March 13.
MD Hemant Bhargava had been named interim chairman after VK Sharma’s retirement on December 31, 2018. Of the two MD positions, one has been vacant since the superannuation of Usha Sangwan in September last year. The other is set to open up from the scheduled retirement of Sunita Sharma in March 2019.
LIC’s executive board comprises of one chairman and four managing directors.
MR Kumar is currently the Zonal Manager, Delhi at LIC while TC Suseel Kumar is Zonal Manager, Hyderabad. Vipin Anand is Zonal Manager of the Western zone.
Since the three remaining MDs are scheduled to retire this year, the chairman was expected to be appointed from the shortlisted executive directors.
MD B Venugopal is expected to retire in May this year while Hemant Bhargava was to retire in July.
This is the first time an interview for the top position of LIC was conducted by the Banks Board Bureau (BBB), which so far selected top management for public sector banks. Top executives for LIC were earlier appointed by a panel of the finance ministry.