Cabinet approves appointment of two candidates for LIC MD

MUMBAI: The appointments committee of the cabinet has approved appointment of two candidates Sunit Sharma and B Venugopal as managing director of Life Insurance Corporation.

With their appointment, LIC now has four MDs. Three major portfolios of investments, personnel and marketing will be reallocated among the four. Investments, which has three divisions including operations, risk management & research and monitoring will be redistributed.

Both Sharma and Venugopal are executive directors. Sunita Sharma is MD and CEO of LIC Housing Finance. B Venugopal is zonal manager west.

Sharma has lead the housing finance company for last three years. Prior to this, she was looking after risk management and research. Before that, she was heading pensions business.

B Venugopal was heading the information technology department as executive director prior to taking charge as zonal manager.

At present there are two managing directors- Usha Sangwan andHemant Bhargav.

The appointments committee has sent this communication to the Department of Financial Services. Once DFS issues the notification both the EDs will take charge. Also, an executive director will be appointed by LIC to head LIC Housing Finance, which is a subsidiary of Life Insurance Corporation.