The Life Insurance Corporation of India (LIC) on Tuesday announced the appointment of Tablesh Pandey and M Jagannath as Managing Directors of the corporation. While Tablesh Pandey will take charge starting 1st April 2023, M Jagannath will assume office with effect from 13 March 2023. The two managing directors who retired from the corporation this week are Raj Kumar and BC Patnaik. “M Jagannath has taken charge of the position of Managing Director of the Corporation on 13th March 2023,” LIC said in a regulatory filing.
M Jagannath joined LIC as a Direct Recruit Officer in 1988 and has a rich experience in marketing and has held various important assignments and led large teams successfully. “He has worked as Senior Divisional Manager in-charge of Ernakulam, Dharwad and Bangalore I Divisions. He also served as Chief Executive Officer and Manager Director of LIC (Lanka) Ltd., Colombo, Sri Lanka between 2009 and 2013 for a period of 4 years,” LIC said. His previous assignment was as Zonal Manager, South Central Zone, Hyderabad, which comprises three states – Telangana, Andhra Pradesh, and Karnataka.
Tablesh Pandey is currently the Executive Director of the insurance company.
Further, the PSU insurance company also said Siddhartha Mohanty, serving hitherto as managing director of LIC
According to a media report, the government is set to appoint a full-time chairman at LIC by June, who will serve a term of around a year. As of now, LIC has two more MDs.
In another development, Finance Minister Nirmala Sitharaman earlier, in a written reply to Lok Sabha, said that the LIC’s debt exposure to Adani stands at Rs 6,183 crore as of March 5 — marginally lower than Rs 6,347 crore as of December 2022.