Shares of Max Financial Services Ltd gained 1.48% to ₹1,545.50 in early trade on Wednesday, June 11, following the company’s announcement of a leadership transition at its life insurance joint venture. On Tuesday, the company said that Sumit Madan will take over as the new Managing Director and CEO of Axis Max Life Insurance Ltd, effective October 1, 2025.
Madan, who currently serves as Chief Distribution Officer at Axis Max Life, will succeed Prashant Tripathy, who is set to retire on September 30. Madan brings over 25 years of experience across banking and financial services, including a strong stint at IDFC FIRST Bank, where he helped build a robust retail franchise with an impressive CASA ratio exceeding 50%.
He joined Axis Max Life in February 2024 and has since contributed to improving the company’s business rankings and operational metrics. His appointment is subject to shareholder and IRDAI approvals and is set for a five-year term through September 2030.
Axis Max Life Insurance is a joint venture between Max Financial Services Ltd and Axis Bank. The announcement has boosted investor sentiment, reflected in the stock’s upward movement today.
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