New Delhi: After Siddhartha Mohanty’s term ended last week, the central government gave the financial and administrative authority of the MD & CEO position to Sat Pal Bhanoo, who is now the Managing Director at Life Insurance Corporation of India (LIC).
Bhanoo will serve as the interim leader for three months, from 8 June to 7 September or until a regular incumbent takes over, or until additional directives are given, whichever comes first.
In a regulatory filing, LIC stated: “The Department of Financial Services, Ministry of Finance, vide its letter dated 7 June, conveyed the approval of the competent authority, entrusting the financial and administrative powers and functions of the CEO and MD of the Corporation, for three months with effect from 8 June that is up to 7 September or till assumption of charge of the post by the regular incumbent.”
Bhanoo brings with him over 30 years of vast insurance industry knowledge. He was the Zonal Manager of LIC’s Central Zone, Bhopal, before this appointment. He has served in a number of high-level leadership positions within the Corporation over the years, including Additional Director at LIC’s Zonal Training Center in Bhopal, Regional Manager (Micro Insurance), Regional Manager (Corporate Communications), Senior Divisional Manager at Bangalore-I and Shimla and Regional Manager (Personnel & Industrial Relations) in Northern Zone, New Delhi.
Additionally, he held the position of Chief (Marketing/Senior Business Associate) in the Mumbai-based LIC Central Office.
Bhanoo graduated with honours from Himachal Pradesh University in Shimla with a bachelor’s degree in history. In the interim, his hiring is anticipated to provide stability and strategic direction.
