R Doraiswamy takes over as LIC's MD, CEO
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Mumbai: R Doraiswamy has formally taken charge as CEO and managing director of Life Insurance Corporation of India (LIC) for a three-year term or until he turns 62, whichever is earlier. He succeeds interim CEO Sat Pal Bhanoo, who held the role from June 8 after Siddhartha Mohanty's term ended on June 7.Doraiswamy, one of LIC's four managing directors since September 2023, brings 38 years of experience spanning operations, marketing, technology, and training. He played a key role in driving IT initiatives such as the Employee's Front End Application Program (eFEAP) Next, ULIP system centralisation, and automation of repetitive processes. Before his elevation, he served as executive director of IT/software development and earlier headed LIC's southern zonal office in Chennai.LIC shares closed at ₹916 on Monday, still trading below their IPO price of ₹949. The newly appointed MD and CEO will be closely watched by investors to improve margins and revive investor sentiment around the state-run insurer.His appointment was recommended by the Financial Services Institutions Bureau (FSIB) on June 11. However, since the selection process could not be concluded before Mohanty's exit, Bhanoo was temporarily given charge. With Doraiswamy assuming office on July 14, Bhanoo ceases to hold CEO powers.LIC has seen leadership changes this fiscal year, when after the retirement of MDs M Jagannathan and Tablesh Pandey, Ratnakar Patnaik and Dinesh Pant were appointed as new MDs effective June 1.
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