Analjit Singh, the promoter of Delhi-based insurer Max India, has stepped down as managing director in favour of an outsider, Rahul Khosla, who was earlier with Visa.
While Singh will continue as executive chairman of Max India and its subsidiaries, he will no longer play an active role in management affairs.
The company said that this was Singh's move to succession planning at the Rs7,900-crore Max India, which is the holding company for Max New York Life, Max Bupa Health Insurance and Max Healthcare.
It also manufactures BOPP films and speciality foils for the packaging industry.
In a notice to bourses on Wednesday, Max India said that the board has approved appointment of Rahul Khosla as managing director effective 18 August.
Further, the board decided that Singh, who is currently chairman and managing director, would assume the role of executive chairman.