Analjit Singh’s next move towards Max India’s Succession Planning
Rahul Khosla has been appointed as the Managing Director of one of India’s leading multi-business corporation Max India. Analjit Singh, the founder promoter of the Rs 79 billion Max India, will be stepping down as the Managing Director and will continue to be the Executive Chairman of Max India as well as the Chairman of its subsidiaries Max New York Life, Max Healthcare and Max Bupa. The Board of Max India approved Rahul Khosla’s appointment at a meeting today afternoon. Rahul will take charge of his new role from 18th Aug ’11.
Analjit Singh had set in motion a Board Governed model for the Max India Group a couple of years ago. Today, the Group has each business entity being governed through a rigorous governance process by highly competent Management and Boards comprising of international experts in domains relevant for each individual business.
Rahul Khosla’s induction as MD is to augment and complement this governance with seasoned managerial competence and to ensure a smooth succession from active managerial responsibilities for Analjit Singh who has been at the helm of Max India since its inception 25 years ago, seeing through its reinvention 10 years ago from a B2B company to being in the businesses of life, and overseeing the conversion of these long-gestation businesses generating profits last year. Max India will continue to be advised and supported by its non Executive Vice Chairman, Anuroop (Tony) Singh in critical areas such as corporate governance, people collaboration, business strategy development and execution excellence.
Speaking on this development, Analjit Singh said, “The growing needs of the Max India Group, a complex business environment, as also the growth potential of our various businesses, require a higher level of focus, coordination and execution, which Rahul will ably bring on board. With my increasing multi faceted interests, I felt it necessary to appoint a senior professional to fulfill the requirements of this operating role with 100% focus and attention to this responsibility.”
Rahul Khosla joins Max India from Visa, where from his base in Singapore, he was working as Group Head of Products for all markets across Asia Pacific, Central Europe, Middle East and Africa. He will be focusing on growing the Max India businesses, managing strong performance on all parameters of Max India’s balanced scorecard as well as ensuring smooth continuity of its existing joint venture relationships with New York Life LLC for its life insurance business and with Bupa Plc for its health insurance business.
Rahul, aged 51, is a seasoned business manager with wide domain expertise built over 27 years in financial services. He has deep management experience, strong leadership skills, and broad business perspectives developed across several multinational environments, both globally and in India. In his 11 years with Visa, Rahul helped to exponentially grow the business and build Visa’s leadership through product innovation, senior client interface, organizational effectiveness and business execution. Before joining Visa, Rahul has held leadership roles in India at ANZ Grindlays, Bank of America and American Express.
In a separate move, Ranvir Bhandari has been appointed as the Executive Vice Chairman of the clutch of new businesses Analjit Singh is foraying into in his personal capacity. Ranvir was previously Vice President North for ITC hotels and General Manager of The Maurya. Before his 10 years stint at ITC, he spent 15 years with East India Hotels.
Besides continuing to provide strategic direction to the Max India Group on Growth, Quality and sustainable profitability fronts, as the Executive Chairman of its Board, Analjit Singh will now be dividing his time to focus on new businesses and towards his social and governance responsibilities. He is currently an Executive Board Member of the Board of Governors, Indian School of Business (ISB), Hyderabad, where he is jointly funding a new campus at Mohali, Punjab and actively facilitating it as the Chairman, Mohali Campus Advisory Board, ISB. He has recently taken on the role of the Chairman of the Board of Governors, Indian Institute of Technology, Roorkee. In addition, he is the Chairman, Board of Governors, The Doon School, Dehradun.
He is also a Member of the Prime Minister’s Joint Indo-US CEOs Forum. He is the non-executive Chairman of Indus Towers and a Director on the board of leading companies such as Vodafone Essar, Tata Global Beverages, Dabur India, Hero Motors and Sofina NV/SA, Belgium. He is currently the Vice Chairman of Assocham.
About Max India
Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a joint venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in manufacture of Speciality Products for the packaging industry.
In financial year 2011, Max India Group recorded a consolidated turnover of nearly Rs. 79 billion. The Group’s businesses have built commanding presence in their respective sector through a total customer base of over 4.4 million, over 500 offices spread across India and people strength of 57,000 persons as on 31st March 2011.
The flagship company Max India Limited is a widely held public ltd company and is listed on the BSE and the NSE. The company led by Analjit Singh holding 36.5% stake with other shareholders including some of world’s best Institutional Investors such as, Warburg Pincus, Goldman Sachs and IFC.
For more details contact:
Head – Communications
Max House, Okhla – III,
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Tele # 2693 3601-10 extn. 196
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Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228