Mumbai: The government on Monday appointed B. Venugopal and Sunita Sharma as managing directors of Life Insurance Corp. of India Ltd (LIC) for a period of nearly two years.
Venugopal currently heads the western zone of LIC in Mumbai. Sharma is the managing director of the insurer’s subsidiary, LIC Housing Finance.
Venugopal took over as the head of the Mumbai zone last year whereas Sharma has been heading LIC Housing Finance since November 2013. Both, Venugopal and Sharma will be retiring in 2019.
The top management of LIC consists of the chairman and four managing directors. The post of an MD fell vacant after V.K. Sharma was elevated as the chairman in December, and another was lying vacant since the superannuation of S.B. Mainak in February 2016.
Usha Sangwan and Hemant Bhargava, who was appointed in mid-February, are the other two managing directors of LIC.
The pay scale of Venugopal and Sharma has been fixed at Rs205,400 to Rs224,400 (revised) for a period of five years from the date of notification of their appointment or up to date of their superannuation, or till further orders.
The interviews for these posts were conducted last November in two rounds. Venugopal was the seniormost among the eight candidates who had appeared for the interview. Sharma is the juniormost.