Analjit Singh to be Founder & Chairman Emeritus, Max Group
Rahul Khosla to be President, Max Group
Mohit Talwar to be Managing Director of Max Financial Services and the demerged Max India
15th Jan 2016 New Delhi
The Max Group, one of India’s leading conglomerates, today announced the transition of Analjit Singh to the position of Founder & Chairman Emeritus, Max Group.
Rahul Khosla will be elevated to the highest executive position in the Group, as President, Max Group, as a part of a planned and orderly succession process that commenced with his appointment as Managing Director, Max India in 2011.
This leadership transition follows the demerger of the Group’s listed holding company Max India Limited into three separate listed companies to give investors specific and undiluted access to the Group’s diverse lines of businesses, provide sharper focus to each operating business and unlock shareholder value.
Analjit Singh formally stepped down from the Chairmanship and Board of the demerged entity Max Financial Services earlier today. He will step down from the Chairmanship and Board’s of the demerged Max India and the Group’s life insurance company, Max Life Insurance at their respective Board Meetings. Analjit will remain Chairman of Max Ventures and Industries (MVIL), as well as Chairman, Antara Senior Living. He will be a permanent invitee to the Boards and Committees of all Max Group companies. As Founder and Chairman Emeritus, Analjit will continue to provide guidance and vision to the Group and remain an invaluable guide to the Group’s Boards and executive management. He will also leverage his entrepreneurial skills and experience in incubating new businesses in MVIL and nurturing Antara to maturity.
In recognition of the need for continuity of leadership and representation, Rahul Khosla will assume the newly formed position of President, Max Group, which is the senior most executive position in the Group. Rahul will assume various roles in the Group’s companies – as Executive President of Max Financial Services; Chairman of Max India, Chairman of Max Life Insurance; and Chairman of Max Healthcare. He will also become a Member on the Board of Max Ventures and Industries subsequently. He will continue to be on the Boards of Max Bupa and Antara Senior Living and will be a permanent invitee to the Boards and Committees of all Max Group companies.
Speaking about the opportunities ahead for him, Rahul Khosla, President, Max Group, said, “I look to the future with a strong sense of enthusiasm. We have created a solid foundation by establishing a high performance culture, supported by a firm bedrock of values to achieve industry leadership in each of our businesses. Going forward, my focus will be to leverage this strong position and significantly grow our businesses, further strengthen governance, enhance our brand & reputation, optimize capital, and drive value creation for our stakeholders.”
Commenting on the leadership transition, Analjit Singh, Chairman Emeritus & Founder, Max Group, said, “This process of ‘passing of the baton’ from the ‘Founder Sponsor’ demonstrates an evolution, which very few Indian business groups have been able to accomplish and signals high standards of transparency, governance, and forward thinking.”
The other significant changes in the Group leadership are:
Mohit Talwar, currently Deputy Managing Director of Max India, is being elevated to the position of Managing Director, Max Financial Services (MFS) and Managing Director, Max India. In addition, Mohit will become Vice Chairman of Max Ventures and Industries Limited (MVIL) and Chairman of its subsidiary, Max Speciality Films. He will join the Board of Max Life Insurance and will continue to be a Director in all the other operating companies.
Rajesh Sud is being elevated to the position of Vice Chairman, Max Life Insurance while retaining his position as the company’s Managing Director. Rajesh will also continue to be Chairman, Max Bupa and will lead the Group’s activities in the insurance & financial services sector.
Naina Lal Kidwai joins the Max Group as Chairman of Max Financial Services (MFS). Naina has recently stepped down from the position of Chairman, HSBC India, and is an industry stalwart who does not need any introduction. Her expertise and experience will help shape the future for MFS and Max Life Insurance.
Tara Singh Vachani, CEO, Antara Senior Living, joins the Board of Max India Limited as a non- executive Director and has been elevated as Managing Director of Antara Senior Living.
Sahil Vachani will assume the position of Managing Director, Max Ventures and Industries (MVIL) and as a Board Member of its subsidiary Max Speciality Films. Sahil has several years of hands-on experience in managing and growing a manufacturing business which will be usefully applied to MVIL’s packaging business, MSF, as it seeks new avenues of growth. In addition, Sahil will drive entrepreneurial ventures for exploring the ‘wider world of business’ in MVIL.
The Boards of the three newly created holding companies were also reconstituted earlier today and are attached in the Annexure .
About Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Healthcare & Allied businesses and packaging sectors. In FY ‘15, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, IFC Washington, Temasek, Fidelity and New York Life.
The Max Group comprises three holding companies, namely:
Max Financial Services, the holding company for Max Life, India’s largest non-bank-owned, private life insurance company. Max Financial Services owns and actively manages a 72.1 per cent stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan- headquartered global leader in life insurance.
Max India, the holding company for Max Healthcare, Max Bupa Health Insurance and Antara Senior Living, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories, and are recognized for their outstanding service standards. The Company owns and actively manages a 46.4% per cent stake in Max Healthcare, a 76% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.
Max Ventures and Industries, the holding company for Max Speciality Films, an innovation leader in the Speciality Packaging Films business. In addition to manufacturing, the Company also serves as the Group’s entrepreneurial arm to explore the ‘wider world of business’, especially taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others.
The two additional holding companies will be shortly listed on both the Bombay Stock Exchange as well as the National Stock Exchange.
- Max Group companies architecture
- Lists of:
- Key position holders of all Holding and key Operating Companies
- Board Members of all Holding and key Operating Companies
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