Hemant Bhargava took over as a managing director of Life Insurance Corporation, to fill the vacancy created by the retirement of Sushobhan Sarkar in 2014. With this appointment, LIC will have two MDs as Usha Sangwan was the only managing director since V K Sharma was elevated as chairman last December.
Bhargava's portfolio is yet to be assigned.
Prior to this elevation Bhargava was heading the northern zone of LIC comprising states of Delhi, Punjab, Rajasthan, Himachal, Jammu & Kashmir, Haryana and Chandigarh. The top LIC management consists of the chairman and four managing directors. The government is yet to name two more MDs, the interviews for which were held last November.