The Centre on Saturday appointed Siddhartha Mohanty as the interim Chairman of insurance behemoth Life Insurance Corporation of India (LIC) for three months with effect from March 14.
Mohanty, who is presently a Managing Director of LIC, will replace incumbent Chairman M R Kumar.
The Centre’s move to appoint an interim Chairman for three months from March 14 is an affirmation that incumbent Chairman Kumar is not getting any further extension of his tenure, which ends on March 13. Already Kumar’s tenure has been extended twice after he was elevated as LIC Chairman in March 2019.
Mohanty has been appointed for three months or till the assumption of the charge by the regular appointee to the said post, or until further orders, whichever is the earliest, according to an order issued by the Department of Financial Services in the Finance Ministry.
“This is purely an officiating arrangement and does not confer any right on the officers to continue indefinitely or claim regular appointment to the post”, the DFS order added.
Mohanty, who is one of the four MDs of LIC, was appointed as Managing Director in February 21 and is expected to hold office till June 30 this year when he is due for superannuation.