The board of directors met on Wednesday and approved Rahul Khosla as MD, effective August 18.
Khosla, a professional and unrelated to the promoter family, has a wealth of experience in banking and insurance. He is to join Max from Visa, where he is group head of products for Asia-Pacific, Central Europe, West Asia and Africa markets.
Max India is the holding company for Max New York Life, Max Bupa Health Insurance and Max Healthcare.
Its consolidated revenue was Rs 7,900 crore in the last financial year. About 80 per cent came from the insurance business and about 10 per cent from healthcare.
Singh said he took this step to ensure operational functions of the group were handled by a professional, who would help it more than double revenue in five years and improve profitability.
"It is a business move. It is a voluntary choice of how I want to spend my business life and it is a succession plan to indicate that the managing director or the person at the helm of affairs of this company will not be or not necessarily be a family person and will be Rahul," he said.
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Image: Analjit Singh
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