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Two new MDs take charge at LIC

Both the new managing directors of LIC - B Venugopal and Sunita Sharma, whose appointments were cleared by government yesterday, assumed charge today.

April 11, 2017 / 09:14 PM IST
An exterior view of Life Insurance Corporation of India's (LIC) headquarters is seen in Mumbai September 18, 2014. LIC Chairman S. K. Roy said he was

An exterior view of Life Insurance Corporation of India's (LIC) headquarters is seen in Mumbai September 18, 2014. LIC Chairman S. K. Roy said he was "very bullish" about the banking, pharmaceutical, metals and IT outsourcing sectors because of expectations for a cyclical recovery and a stabilising rupee currency. Roy added LIC was headed for a "very good year", both in terms of its market investments and its core insurance business. The chairman said he expected growth of 12 percent in insurance premiums this fiscal year, in line with 13.4 percent last year. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS) - RTR46PN8

 
 
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Both the new managing directors of LIC - B Venugopal and Sunita Sharma, whose appointments were cleared by government yesterday, assumed charge today.

Both the MDs have a tenure of nearly two years and will be superannuated in 2019. Venugopal will retire on May 31, 2019 while Sharma will be retiring on March 31 in 2019.

In their prior assignments, Venugopal was heading the Western zone of LIC in Mumbai, while Sharma was managing director of LIC Housing Finance.

Venugopal took over as the head of the Mumbai zone last year, whereas Sharma has been heading LICHFL since November 2013.

The top management of LIC consists of the chairman and four managing directors. With these appointments, LIC has four MDs, with the other two being Usha Sangwan and Hemant Bhargava, who was appointed in mid-February.

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The post of an MD fell vacant after VK Sharma was elevated as chairman last December, and the other post was lying vacant since the superannuation of SB Mainak in February last year.

These MDs will draw a higher pay-scale--at Rs 2,05,400-2,24,400 (revised).

The interviews for these posts were conducted last November in two rounds. Venugopal is the seniormost, and only after Rajesh Kandwal who is currently the chief executive of LIC's Bahrain operations, among the eight candidates who had appeared for the interview in the second round of interview, while Sharma is the juniormost.
first published: Apr 11, 2017 08:29 pm

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