LIC chairman S K Roy resigns two years before his term ends

New Delhi: State-run life insurance behemoth LIC Chairman S K Roy, appointed by previous UPA government, has resigned nearly two years ahead of completion of his five-year term.

Roy, who has been with LIC since 1981, took charge as chairman in June 2013.

According to sources, Roy has officially tendered his resignation and the Finance Ministry will send it to the Appointments Committee of the Cabinet for acceptance.

However, the exact reason for his sudden exit could not be ascertained immediately. He had made similar request some months ago but the Finance Ministry asked him to reconsider that, sources said.

After the approval from ACC, the Finance Ministry would begin search for his replacement, sources added. Roy joined Life Insurance Corporation of India in 1981.

On May 31, 2013, he assumed charge as Managing Director of LIC. Prior to his elevation, he was head of the International Operations division.