IPO-bound LIC chairman M R Kumar to complete his tenure; post to be phased out gradually The development comes even as the Centre has done away with the position of chairman at the state-run insurer. The chairman's position at LIC would be renounced over a period of time As part of a slew of changes being undertaken ahead of the state-run insurer's mega IPO (initial public offer), LIC will now have a chief executive officer (CEO) and managing director (MD) BusinessToday.In Updated Jul 10, 2021, 11:11 AM IST Life Insurance Corporation of India's (LIC) chairman M R Kumar would continue to serve his post until he completes his term.