Amidst a marginal slide in its market share, life insurance giant Life Insurance Corporation has revamped its senior level management to improve performance by transferring as many as 40 executive directors early this month.
In one of its largest top level changes, the Corporation has shifted as many as 40 executive directors (EDs) early this month. This comes against its normal practice of transferring the EDs in three years.
The transfers were effected on April 11 through an internal transfer order, sources said.
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Accordingly, LIC has shifted the product development head in the marketing department, SN Bhattacharya, to the corporate communication wing in the place of Neeraj Agarwal.
Bhattacharya has been replaced by Vinay Shah, who was heading the Western zone.
While Agrawal has been shifted to the personnel department now, Shah's position has been taken over by B Venugopal, who was looking after the IT division at the corporate office.
MR Kumar, who was heading the personnel department, has been sent to the pension and group schemes department. Similarly, LIC HFL director RG Shinde has been transferred as ED to the estate and office properties, at the corporate office. He is yet to assume his new position.
These are some of the key changes effected on April 11 and most of the new appointees have already assumed their new assignments, sources said.
Though the corporation is yet to announce its annual numbers, company sources said there has been a marginal dip in the first year premium by the life behemoth during 2014-15 over the previous fiscal. However they did not quantify the current market share.
The sources however, said that when it comes to the overall premium collection, LIC's performance was on a higher side but they did not quantify the numbers.
