V K Sharma gets additional charge as LIC chairman

Few months ago, current chairman S K Roy had written to the government to relieve him of his duties; reason remains unknown

V K Sharma, who is currently one of the two managing directors at Life Insurance Corporation of India (LIC), has taken additional charge as Chairman, LIC of India. LIC in a statement said that he will take the place of S K Roy who has been relieved of his duties today.

Sharma joined LIC in the year 1981 as a Direct Recruit Officer. He has been in the role of Managing Director since November 1, 2013. Prior to becoming Managing Director he held important assignments at the national insurer like CEO LIC Housing Finance, Zonal Manager (in charge), South Zone, Executive Director (P&GS) among others.

Few months ago, Roy had written to the government to relieve him of his duties.  Roy who took charge as chairman of the country's largest insurer on June 29, 2013 had a five-year term. The reasons for his resignation were not known.

While several executives from LIC have given interviews for the post of chairman, the government is yet to finalise the name. Sharma along with LIC MD Usha Sangwan have been strong contenders for the post.

As per the LIC Act, the insurer can have four MDs, and a chairman, as part of its top management.