Government has appointed V K Sharma as the chairman of state-owned behemoth Life Insurance Corporation (LIC) for five years. 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.

“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 Rs 80,000 (pre-revised) for a period of five years… or up to the date of his superannuation, or until further orders..,” said. Sharma has been serving as LIC’s MD since November 2013.

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