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May 2, 2002 | 1130 IST
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LIC top echelon clocks changes as Class of '42 exits

Freny Patel

A series of promotions and appointments of new heads at various departments have taken place at the Life Insurance Corporation of India following the retirement of as many as half of the 26 executive directors in the current calendar year.

The board of directors approved the placements on April 22.

A whole new team is expected to take charge as the 1942-batch officers turns 60 this year.

Senior officials at LIC said, "Though heads of most departments retire this year, the management has ensured continuity as the second rung of leadership remains."

Half of the EDs have or will retire this year, while many have been deputed to the Insurance Regulatory and Development Authority and other state-owned insurance companies, leaving room for promotions for cadres.

There has been no sign of an announcement from the North Block as who will succeed A Ramamurthy, the current in-charge and managing director, LIC, who is slated to retire in July.

Its other managing director N C Sharma has another six months left as he retires in November.

Four executive directors of LIC have been shortlisted for the three posts of chairman and two managing directors, on only the merit of them having two years residual term before retirement at the age of 60.

The list of candidates include M M Mukerjee, (zonal manager, Hyderabad), has now been transferred to take charge as additional zonal manager, northern zone, Delhi. S C Jain (director, management development centre) and S K Sakhuja (director, finance and accounts) have also been short-listed, as well S B Mathur.

Various departments this year will see new heads. S B Mathur has been transferred and posted as executive director-marketing/IO, from his earlier posting as zonal manager of western zone.

A clear case of musical chairs, T K Banerjee, ED-marketing, has been transferred from the central office and will now take charge as zonal manager, western zone, replacing Mathur who takes his place.

R K Srivastava will head the human resources department as ED from his earlier posting as chief general manager at LIC Housing Finance. D K Shukla will now head the personnel department as ED, taking over from R Chandrasekaran who retired in March.

At LIC Housing Finance, T S Vijayan from LIC-Thiruvananthapuram will take over as chief executive when Kranti Sinha steps down in December.

R D Damle has been transferred and posted as additional executive director and is likely to head the department when current ED K S Dey retires in August.

Kumar Dharmendra has been posted as ED-inspection, following the retirement of J S Bhandari. S R Krishnaswamy has been transferred from Chennai to the central office as additional ED of pension and group superannuation. D Mishra, current ED (P&GS) is slated to retire shortly.

V Vaidyanathan (regional manager-estates, Bhopal) has been posted as additional ED-audit. R N Bhardwaj -- chief (investments), has been posted as ED-investment following P A Balasubramanium having been deputed to IRDA.

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