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After about two years, LIC is set to function at its full strength of four managing directors (MDs). Finance ministry sources said two new MDs would be appointed in a month, adding Usha Sangwan, executive director (corporate communication), had been shortlisted for the post of MD. If her name is cleared, she would become the first woman to hold the post.
According to norms, LIC can have four MDs, apart from chairman, as part of its top management. After former managing director T S Vijayan retired in November 2012, there were only two MDs —Sushobhan Sarkar and Thomas Mathew T.
When former chairman D K Mehrotra retired in May, Mathew took over as in-charge chairman, before retiring at the end of June.
Following Mathew’s retirement, managing director S K Roy was appointed chairman, with Sushobhan Sarkar as the only MD. To fill this void, in July, S B Mainak (executive director-investments) was appointed MD.
Then, finance ministry officials had told Business Standard there were two more vacancies for the posts of MD, as well as two candidates for the posts.
In April, the government had interviewed five candidates for the post of LIC chairman, including managing director Sushobhan Sarkar, LIC Housing Finance MD and chief executive V K Sharma and three executive directors S B Mainak, S K Roy and Usha Sangwan. As Roy holds the chairman’s post, the other four would hold the posts of MDs.
LIC is the India’s largest insurer, with 83 per cent market share in terms of the number of policies, and about 71 per cent in terms of premiums. During 2012-13, the insurer collected new business premium of Rs 76,245.63 crore.
The MD shifts at LIC
* May 2011: TS Vijayan moved to the MD post, becoming one of the three MDs at LIC
* November 2012: Vijayan quits, LIC left with two MDs
* April 2013 :Govt interviews five candidates for LIC chairman post. LIC managing director Sushobhan Sarkar, LIC Housing Finance MD & CEO V K Sharma. and three executive directors SB Mainak, SK Roy and Usha Sangwan appear for interview.
* May 2013 :Chairman DK Mehrotra retires; Thomas Mathew T, one of the two MDs appointed as in-charge chairman
* May 2013 :SK Roy, zonal manager at LIC appointed MD
* June 2013: Mathew retires; Roy appointed LIC Chairman
* June 2013 :LIC left with only one MD Sushobhan Sarkar
* July 2013 :SB Mainak, ED-Investments appointed as LIC MD.
* July & August 2013: LIC set to get two more MDs, VK Sharma and Usha Sangwan likely to become the two new MDs.
* Sangwan to be first woman to hold MD post.
