New Delhi, Jun 10 (PTI) Max Financial Services on Tuesday said it has approved the appointment of Sumit Madan as Managing Director & Chief Executive Officer of Axis Max Life.
Madan, currently Chief Distribution Officer of Axis Max Life, will replace Prashant Tripathy, Max Financial Services said in a regulatory filing.
Tripathy has requested for early retirement and therefore his tenure would end on September 30, 2025.
The Board of Directors of Axis Max Life in its meeting held earlier in the day has approved the elevation of Madan as MD & CEO for 5 years effective from October 1, 2025 till September 30, 2030, subject to the approval by the shareholders of insurance company, it said.
Axis Max Life Insurance is a subsidiary of Max Financial Services.
The appointment of Madan would be subject to the approval from the Insurance Regulatory and Development Authority of India (IRDAI) in accordance with the applicable laws, it said.
Axis Max Life Insurance Limited is a joint venture between Max Financial Services Ltd and Axis Bank. PTI DP HVA
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