The Life Insurance Corporation of India (LIC) announced on Aug 14 that the central government has appointed R Doraiswamy as managing director. Doraiswamy, who is now an executive director at the central office in Mumbai, will succeed Ipe Mini as managing director, according to the company. The appointment will be effective on or after September 1, 2023, and will last until his superannuation on August 31, 2026, or until further orders, whichever comes first.

The Financial Services Institutions Bureau (FSIB), which recruits directors for state-owned banks and financial institutions, recommended Doraiswamy as MD in June.

Bhanu Pratap Sharma, former secretary of the Department of Personnel and Training (DoPT), leads the FSIB.

The headhunter also includes the secretary of Financial Services, the secretary of Public Enterprises, IRDAI Chairman Debasish Panda, former LIC managing director Usha Sangwan, and former Oriental Insurance managing director A V Girija Kumar.