The tenure of MR Kumar, chairman of IPO-bound Life Insurance Corporation (LIC) has been extended by another year, Department of Financial services confirmed o January 30. Along with the chairman, the government has also extended the tenure of one of the managing directors, Raj Kumar, for one year.
This has been done with a view to facilitating a smooth listing of the insurance behemoth, the government circular noted.
With the extension, MR Kumar will continue as chairman of LIC till March 2023 or till he attains the age of superannuation. This is the second extension for the LIC chairman. Last year in June, he was given a nine-month extension in a view of LIC's proposed initial public offering towards the end of the current financial year.