Max Financial Services said today that it has appointed Max Group founder Analjit Singh as the non-executive chairman on its board.
MFS is the listed holding company for Max Life Insurance Company and was formed after the demerger of Max India Limited.
That demerger resulted in the creation of three independent listed entities--Max Financial Services, Max India Ltd and Max Ventures & Industries Ltd, collectively comprising the Max Group.
Singh, Chairman Emeritus of the group, is the sponsor and principal shareholder of MFS, Max India and MVIL.
He has replaced Naina Lal Kidwai who was appointed Chairman of Max Financial Services on 15th January, 2016.
MFS said in a release that Kidwai will continue on its Board for her full term as an independent, non-executive director.
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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.
Also, Mohit Talwar will continue in his current roles as Vice Chairman, Max Ventures and Industries Limited and Managing Director of MFS and Max India.
The MFS stock closed 0.55 per cent down at Rs 454.20 on BSE.