Analjit Singh to take over as chairman of Max Life and Max India; group president Rahul Khosla to be appointed as advisor
Khosla will also demit his role as Max Healthcare chairman once regulatory approvals for the transaction with KKR-Radiant are received.
Khosla will also demit his role as Max Healthcare chairman
Mohit Talwar will be elevated to the position of group vice chairman
Mohit will represent the group on the founder's behalf and support the respective CEOs
New Delhi Max Group on Monday said its founder and chairman Emeritus Analjit Singh will take over as the chairman of Max India and Max Life.
He would be taking over the chairmanship of the two companies from group president Rahul Khosla, who would be
moving to a non-executive role as group advisor from 1 April, 2019, Max India said in a filing to BSE.
Khosla will also demit his role as Max Healthcare chairman once regulatory approvals for the transaction with KKR-Radiant are received. This position will then be filled by KKR Radiant, it added.
"Khosla 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," Singh said.
That journey could not have been possible without Khosla taking on the mantle of managing director and subsequently as group president, he added.
"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," Singh said.
Mohit Talwar, who has been with the group since November 2007, will be elevated to the position of group vice chairman with effect from 1 April, 2019, Max India said.
In this capacity, Mohit will represent the group on the founder's behalf and support the respective CEOs in their operating businesses, it added.
"Mohit has made significant contribution, especially in the areas of capital management and corporate finance over the years and his support will be valuable as the group forges its platforms of future growth including life insurance, real estate, senior living and hospitality," Singh said.
Mohit will also continue to serve as the MD of Max Financial Services and Max India and remain on the Boards of Max Group's operating companies, the company said.
Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.
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The use of the Max brand will be phased out over a period of two years and replaced with a suitable name.
KKR-backed Radiant Life Care to acquire Max Healthcare to create combined entity valued at Rs 7,242 crore
Radiant's healthcare assets will be demerged into Max Healthcare which will then undertake a reverse merger with Max India to create merged Max Healthcare