The Government has appointed LIC Managing Director Sat Pal Bhanoo to the role of CEO and MD for three months starting Sunday. The announcement came hours after Siddhartha Mohanty completed his tenure at the helm and efforts remain to secure a more permanent replacement. The instructions were conveyed to the Life Insurance Corporation of India through a letter from the Ministry of Finance on Saturday.
“The Department of Financial Services, Ministry of Finance, vide its letter dated June 7, 2025 conveyed the approval of the competent authority, entrusting the financial and administrative powers and functions of the CEO and MD of the Corporation, for a period of 3 months with effect from June 8, 2025, that is up to September 7, 2025 or till assumption of charge of the post by the regular incumbent,” the state-owned insurer said in a regulatory filing.
The vacancy was created on June 7 as Mohanty concluded his term as CEO and MD of LIC. He had joined the insurance giant as an apprentice officer in 1985. Bhanoo was promoted to the MD role in 2023 and is currently the senior-most among the four LIC managing directors.
(With inputs from agencies)
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