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Former chairperson of the Life Insurance Corporation of India (LIC) M.R. Kumar is set to become an additional director (non-executive and independent) as well as Chairman of Board of Directors of drugmaker Aurobindo Pharma from April 1.
“Based on the recommendation of the Nomination and Remuneration/Compensation Committee and subject to approval of the members through postal ballot, [the Board of Directors met on March 27] appointed Mr. Mangalam Ramasubramanian Kumar as an additional director (non-executive and independent) of the company for a period of three consecutive years with effect from April 1, 2024.
The Board also appointed him as Chairman of Board of Directors of the Company with effect from April 1, 2024, Aurobindo Pharma said in a filing on Wednesday. Currently, he is director on the Board of Ambuja Cements and non-executive chairman of Bank of India.
Mr. Kumar, who joined LIC in 1983 as a direct recruit officer, went on to become its chairperson in March 2019 and retired in March 2023. He was at the helm when the State-owned insurance major made its initial public offering (IPO).
In addition to being LIC chairperson, he was also the non-executive chairman of
LIC Housing Finance, LIC Pension Fund, LIC Mutual Fund AMC, LIC Cards Services, IDBI Bank, LIC Singapore Pte, LIC Lanka, LIC (International) BSC, Bahrain, LIC Nepal. Ltd.
Aurobindo Pharma’s present independent director and non-executive chairman K.Raghunathan will be retiring as independent director on close of business hours of March 31, upon completion of his second term as an independent director. Consequently, he shall also cease to be the Chairman of Board of Directors of the Company and Member of various Committees of Board of Directors of the company, it said.
