Life Insurance Corporation (LIC) on Monday said that M R Kumar has completed his term as the Chairman. The government has approved the appointment of Siddhartha Mohanty as the interim Chairman of LIC for three months with effect from March 14, the insurer said last week.
Currently, Mohanty is a Managing Director at the insurance behemoth. "Mangalam Ramasubramanian Kumar has ceased to be the Chairperson of the Corporation, with effect from March 13, 2023, after close of business hours, upon completion of his term," LIC said in a regulatory filing on Monday.
Kumar's term as Chairman had been extended twice. First, the government had extended the term from June 30, 2021 till March 13, 2022, and then till March 13, 2023. Shares of LIC closed at Rs 582.50, down 2.19 per cent over previous close on the BSE.
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