LIC appoints Tablesh Pandey and M Jagannath as MDs, Siddhartha Mohanty takes over as interim Chairman

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.

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Further, the PSU insurance company also said Siddhartha Mohanty, serving hitherto as managing director of LIC, has taken charge of the financial and administrative powers and functions of the Chairperson of LIC of India, in the Interim, in addition to his own duties, with effect from 14th March 2023. In a regulatory filing on Monday, LIC had said, “Mangalam Ramasubramanian Kumar has ceased to be the Chairperson of the Corporation, with effect from March 13, 2023, after close of business hours, upon completion of his term.”

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.