BC Patnaik sworn in as new managing director of LIC

B C Patnaik has been appointed as the Managing Director of insurance giant Life Insurance Corporation (LIC).
He has been appointed in place of Mukesh Kumar Gupta, who completed his tenure on September 30, 2021.
Prior to this appointment, Patnaik served as secretary General at Council for Insurance Ombudsmen(CIO), Mumbai.
It must be noted that the top management tier of LIC comprise of a Chairman and Four managing directors. The other three MDs are Raj Kumar, Siddhartha Mohanty and Ipe Mini.
The CEOs and MDs of public sector banks and insurance companies are chosen by the Banks Board Bureau (BBB).