Change of guard at LIC: M Jagannath, Tablesh Pandey appointed MDs

M Jagannath and Tablesh Pandey named as managing directors of state-owned firm

Life Insurance Corporation (LIC) said on Tuesday Siddhartha Mohanty will be its interim chairperson for three months, succeeding M R Kumar.

Kumar’s tenure at the state-owned company ended on March 13. “…we wish to inform that, Siddhartha Mohanty, Managing Director of the Corporation 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,” said the corporation in an exchange notification.

Mohanty joined LIC in 1985 as an apprentice officer and has some four decades of experience in the financial services industry. Before becoming LIC’s managing director (MD) in February 2021, Mohanty was the chief executive officer of LIC Housing Finance Ltd.

M Jagannath took charge as the MD of LIC on March 13, succeeding Raj Kumar, whose tenure ended on January 31. Jagannath was previously the zonal manager (In-Charge), South Central Zone, at Hyderabad.

Tablesh Pandey has been appointed as the MD of the corporation from April 1. He was earlier the executive director of the corporation and he succeeded B C Patnaik in the new post.

Typically, LIC has one chairperson and four MDs. While Mohanty will be the MD and chairperson, Mini Ipe, Pandey, and Jagannath will be the other three MDs.