New Delhi: At its meeting earlier Monday, the Board of Max Financial Services (MFS), holding company of life insurance business of $3 billion Max Group announced the appointment of Analjit Singh as non-executive chairman of the company in a filing to stock exchanges.
Max Financial Services is the listed holding company for Max Life Insurance Company and was formed soon after the demerger of Max India Limited. That demerger resulted in the creation of three independent listed entities, namely, Max Financial Services, Max India Limited, and Max-Ventures & Industries Limited, collectively comprising the Max Group.
Analjit Singh is the sponsor and principal shareholder of MFS, Max India and MVIL. He replaces Ms. Naina Lal Kidwai who was appointed Chairman of Max Financial Services on 15th January 2016.
“I have known Naina for over four decades and have immense regard for her at a personal and professional level. I have accepted her recommendation and am happy to Chair Max Financial Services,” said Analjit Singh.
Kidwai will continue on the Board of MFS for her full term as an independent, Non-executive director.
Rahul Khosla, Max Group President will continue as Group President and in all his current executive roles till August 2019, as originally envisaged at the time of his joining the Max Group. Commenting on this development, he said, “I am pleased to see the Group sponsor assuming the role of Chairman of MFS. Analjit and I have also agreed that we will mutually determine appropriate non-executive roles within the Max Group and family-owned private enterprises after my executive roles end in August 2019.”
Mohit Talwar will continue in his current roles as Vice Chairman, Max Ventures and Industries Limited and Managing Director of MFS and Max India.