Life Insurance Corporation of India (LIC) on Tuesday gave Hemant Bhargava additional charge as chairman. The announcement to appoint Bhargava, who is currently a managing director, comes after the retirement of VK Sharma on December 31.
VK Sharma was acting as LIC chairman on September 2016 and on December 2016, he took over as chairman after SK Roy resigned, nearly two years ahead of his retirement. Bhargava had taken charge as MD in February, 2017.
In order to select new chairman and one MD, selection process will be conducted by Banks Board Bureau (BBB) and eight officials will be interviewed for both the posts on January 4 in Delhi. One MD post was vacant since Usha Sangwan retired on September 30.
The top management of LIC consists of chairman and four MDs. In the next few months other three MDs will retire. Officials say Sunita Sharma will retire by March 2019, B Venugopal in May 2019 and Hemant Bhargava in July 2019.
“In the next few months, we might see all the top five people (chairman and four MDs) retire in LIC and new people coming in,” said a senior official.