THE NEWSMAON OF INDIA.COM
New Delhi: Government on Wednesday appointed V.K. Sharma as the chairman of state-owned behemoth Life Insurance Corp. of India (LIC) for five years.

“The Appointments Committee of the Cabinet (ACC) has approved the proposal of the department of financial services for appointment of V.K. Sharma, MD, LIC, as chairman, LIC in fixed pay of Rs80,000 (pre-revised) for a period of five years…or up to the date of his superannuation, or until further orders..,” said an official statement.

Sharma has been serving as LIC’s managing director (MD) since November 2013.

Having joined the body as a direct recruit officer in 1981, Sharma has served as the chief executive of its mortgage subsidiary LIC Housing Finance Ltd and zonal manager in charge of the south zone.

Managing director at LIC, Sharma was already acting as chairman since September 16 when the then chairman S.K. Roy was relieved of his duties. Roy had resigned in June, nearly two years ahead of his retirement.