As Life Insurance Corporation (LIC) chairman Vijay Kumar Sharma and three other managing directors near their retirement, the state-owned company is set to see a top management rejig soon, Business Standard reported, citing sources.
However, the rejig is likely unless the government renews the chairman's term, the report said.
"If in case, Sharma demits office after the end of his term and the government does not give him an extension, then one of its managing directors may be made temporary in-charge until the government appoints a full-fledged one." sources told the paper.
Sharma's superannuation is due at the end of December 2018, said the report. This means that Sharma will turn 60 this month, the age of retirement from office. He had been appointed for five years after SK Roy resigned.