Max Life Insurance said that its Managing Director Rajesh Sud has resigned from the company and CFO Prashant Tripathy will replace him from January. Tripathy, who is currently senior director and chief financial officer of Max Life will take over the new role with effect from January 1, 2019.

The company said in a statement that after 18 years of building Max Life Insurance and completion of his second five-year term as executive vice-chairman and managing director of the company, Sud hands over the reins to Tripathy.

Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said “Rajesh has built a strong and talented team and a high-quality institution. Prashant and Viswanand’ elevation is in line with our preference for internal succession and recognition of the strong executive leadership team at Max Life.”

Speaking on their appointments, Tripathy and Viswanand said they will continue to deliver consistent results for the company for the years to come. Outgoing MD Sud said it has been a fulfilling journey and privilege to build Max Life since inception.

The company also said that these appointments are subject to requisite regulatory approvals. Sud will continue till December 31, 2018, as executive vice-chairman and managing director of Max Life and will continue to be the non-executive chairman Max Bupa and Max Skill-First till March 31, 2019.

Read EquityPandit’s Technical Analysis of Indian Stock Market