SK Roy appointed LIC managing director

SK Roy,a senior executive director of Life Insurance Corporation (LIC),has been appointed as the managing director of the organisation

Written by ENS Economic Bureau | Mumbai | Published: May 31, 2013 1:19 am

SK Roy,a senior executive director of Life Insurance Corporation (LIC),has been appointed as the managing director of the organisation.

Incidentally,Roy is also one of the contenders for the chairman’s post at the largest financial institution in the country,which falls vacant on May 31 following superannuation of incumbent RK Mehrotra.

The government has notified the order for the appointment of Roy — who is currently the zonal manager for East — on Thursday. However,it is not yet known who will be succeeding Mehrotra who held the post for last two years. A panel headed by the Department of Personnel & Training secretary PK Misra has interviewed five candidates for the post of the chairman of the LIC.

Those interviewed are LIC MD Sushobhan Sarkar,LIC Housing Finance MD & CEO VK Sharma,and three executive directors of LIC — S B Mainak,S K Roy and Usha Sangwan. If selected,Sarkar will get around one year as chairman while Roy would get almost five years. In case the mantle falls on Sarkar,Roy will again get a chance to head the organisation next year.

Sarkar who took over as LIC MD in February 2012 has handled its businesses in various regions,including international operations as well as the CEO of LIC Mutual Fund. Mainak is the ED in charge of its investments.

Thomas Mathew,one of the MDs,who will retire in June 2013 is likely to be made the current in-charge chairman if the government is unable to make a decision on the chairman by May 31.

AK Rai resigns as IFCI chief

New Delhi: Atul Kumar Rai,the CEO and managing director of state-owned financial institution IFCI,has resigned from the company following differences with the government.

Rai,whose term was till June 2017,has tendered his resignation,sources said.

Rai,an IES officer with an experience of 20 years,joined IFCI in July 2007.He was re-appointed by the board in June,2012 for a period of five years. However,sources said the government was not happy with his performance. Rai could not be reached for his comments on the development. PTI

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