Analjit Singh set to be Max India & Life non-executive chairman
Move aims at sending message to investors that as a sponsor Singh remains committed to these entities.
Announcing the transitions, the $3 billion multi-business conglomerate -- the Max Group, said that Khosla, currently Group President and chairman of Max India and Max Life, will move to a non-executive role as Group Advisor effective April 1, 2019.
ET reported the news on Monday.
Mohit Talwar, who has been with the Group since November 2007, will be elevated to the position of Group vice chairman, effective April 1, 2019. In this capacity, Mohit will represent the Group on the Founders behalf and support the respective CEO’s in their operating businesses.
Commenting on Rahul’s contribution, Analjit Singh said, “Rahul joined the Max Group in August 2011, which was at the cusp of my shift to a non-executive role and allowed me to pursue other initiatives. Together, Rahul and the team have implemented what ought to be seen as a ‘benchmark’ of succession from sponsor to seasoned professionals leading the Group in various businesses,” he added.
Mohit will also continue to serve as the managing director of Max Financial Services and Max India and remain on the Boards of Max Group’s operating companies.
“The move is aimed at conveying to all the stakeholders including vendors, employees and shareholders particularly in Max Life that Analjit Singh as sponsor remains committed,’ a top executive with one of the investors in the group said.
After these appointments, Analjit Singh will become the non-executive chairman of all the major companies of Max Group. In July 2018, he was appointed as non-executive chairman of Max Financial Services, the listed entity that houses the life insurance business – Max Life Insurance, the largest non-bank private life insurer in India and contributes over two-thirds of Max Group’s revenues.
Max India is the listed holding company for Antara Senior Living and owns majority stake Max Bupa Health Insurance. In addition, it owns nearly 50% stake in Max Healthcare that is in the process of merger with Radiant KKR.
Singh is also the chairman of Max Ventures and Industries, the listed holding company for group real estate and packaging business. It also manages group investment in other companies.
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