MOF shortlists four candidates for LIC Chairman post

Ministry of Finance (MoF) has shortlisted the names of four senior officials of LIC for selection of the new Chairman.

The senior officials of the LIC, who have been shortlisted and in order of seniority are: M R Kumar Zonal Manager (ZM), Delhi, Vipin Anand, Zonal Manager, Mumbai, TC Suseelkumar, ZM, Hyderabad and Raj Kumar CEO, LIC Mutual Fund. “Raj Kumar’s name has been added in the last moment. All these names, after the approval of Finance Minister Arun Jaitley, will be sent to Appointment Committee of Cabinet (ACC) for its consideration. Finally, it will be prerogative of Prime Minister’s Office (PMO) to pick up the right candidate who will be heading the LIC for next couple of years,” government sources said, adding the ministry will select two managing directors in similar process.

Also, this is the first time that a longer list of four names have been prepared which normally used to have two or maximum three names on earlier instances.

Earlier, for the first time, the Banks Board Bureau (BBB), which selects MD & CEO of PSU banks, had interviewed seven senior officials of LIC in the rank of executive directors (ED) on January 4 to select a new chairman and two managing directors for the corporation.

The officials, who were called for the interview, with over two years of residual services and in order of seniority, were: K. Ganesh, ED, Customer Relationship Management, M R Kumar, Vipin Anand, TC Suseelkumar, MK Gupta, ED, Personnel, Raj Kumar, CEO, LIC Mutual Fund and HS Sasikumar, ZM, Bhopal.

All the four existing MDs — Usha Sangwan retired on September 30 and chairman of LIC VK Sharma retired on December 31 — are retiring in the next six to seven months. However, the government, through its January 4 interview, is planning to fill up the posts which will fall vacant by March 2019 in the corporation.