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Govt planning to appoint PRIVATE sector professional as the first CEO of LIC: Report


New Delhi: According to two government sources, India plans to select a member of the private sector as the first chief executive of the Life Insurance Corporation of India in an effort to modernise its largest insurer following a disastrous stock market debut. It would be a first in the 66-year history of India’s largest insurer, which oversees assets worth 41 trillion rupees ($500.69 billion).

One of the government representatives, who wished to remain anonymous because the talks are confidential, stated that “the government is going to widen the qualifying criteria for selection of LIC CEO so that private sector applicants can apply.”

The authorities omitted making any mention of the potential appointee’s field of expertise.

Although the government had reached a decision in principle to hire people from the private sector, it was still examining if more legal changes were necessary and whether it could give salaries competitive with those of the private sector, according to the first official.

In general, private businesses pay more than the public sector. In the past, the government has appointed people from the private sector to other state-run organisations like banks.

(With inputs from Reuters)





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