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Economic Times

R Doraiswamy takes over as LIC's MD, CEO

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. Synopsis R Doraiswamy is now the CEO and MD of Life Insurance Corporation of India. He succeeds Sat Pal Bhanoo. Doraiswamy has a three-year term. He brings 38 years of experience to the role. Investors will watch him closely. They want to see improved margins. They also want revived investor sentiment. 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. ADVERTISEMENT 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. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY