The government today appointed two more managing directors to the nation’s largest financial powerhouse LIC — B Venugopal and Sunita Sharma, for a period of nearly two years. While Venugopal is currently heading the Western zone of LIC in Mumbai, Sharma is the managing director of its subsidiary, LIC Housing Finance. Venugopal took over as the head of the Mumbai zone last year, where as Sharma has been heading LICHFL since November 2013. Both, Venugopal and Sharma will be retiring in 2019.
The top management of LIC consists of the chairman and four managing directors. The post of an MD fell vacant after VK Sharma was elevated as the chairman last December, and the other post was lying vacant since the superannuation of SB Mainak in February last year.
With these appointments, LIC has four MDs, with the other two being Usha Sangwan and Hemant Bhargava, who was appointed in mid-February.
A statement from the Department of Personnel and Training said the Appointment Committee of the Cabinet had approved the proposal of the department of financial services for appointment of Venugopal and Sharma.
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The pay-scale of the two newly appointed MDs will be Rs 2,05,400-2,24,400 (revised) for a period of five years from the date of notification of their appointment or upto date of their superannuation, or till further orders.
The interviews for these posts were conducted last November in two rounds. Venugopal is the seniormost among the eight candidates who had appeared for the interview in the second round of interview, while Sharma is the juniormost.