RAJIT MEHTA APPOINTED AS CHIEF OPERATING OFFICER
NEW YORK, N.Y., October 13, 2008 – Max New York Life Insurance Ltd., the joint venture between Max India Ltd. and New York Life International, LLC, the international arm of New York Life Insurance Company, announced today that Rajesh Sud, has been named chief executive officer and managing director of the joint venture operation, effective November 1, pending formal IRDA approval. Prior to the appointment, Mr. Sud was serving as Max New York Life’s deputy managing director. Gary Bennett, who served as chief executive officer and managing director of the company since July 2005, has been named executive vice president and Greater China chief executive officer of New York Life International, LLC, effective November 1. An announcement detailing Mr. Bennett’s new role will be distributed shortly.
In a related announcement, Rajit Mehta, Max New York Life’s deputy chief operating officer has been appointed as the chief operating officer of the joint venture, also pending regulatory approval.
Mr. Analjit Singh, Chairman Max New York Life Insurance, commented: “Rajesh and Rajit’s appointments are part of an orderly management transition that has been planned for some time. We are confident that our new leadership will build on the solid foundation that is in place as we continue our journey of becoming the most admired life insurance company in India with the most professional, most highly trained agency sales force in the country. We thank Gary Bennett for all that he has done on behalf of Max New York Life and wish him the very best in his new role.”
“We are fortunate to have executives of Rajesh’s caliber taking the helm at Max New York Life Insurance,” added Mr. Singh. “Rajesh has made a significant impact implementing business strategies that have contributed to the rapid growth of Max New York Life’s insurance business, steering the overall distribution network, and contributing greatly to the company’s product management and marketing efforts.” Mr. Singh continued, “Rajit has also played an important role for Max New York Life, helping make Max New York Life’s human resources and talent development the strategic differentiator that it is today, as well as adding significant value to the company’s sales, operations and customer service functions.”
“We’re very pleased to have individuals with the level of skill and accomplishment of Rajesh and Rajit at Max New York Life,” said Dick Mucci, chairman and chief executive officer of New York Life International, LLC. “It’s a testament to Max New York Life’s organizational depth that we are tapping two founding team members who have had major roles in building the company into what it is today, one of India’s premier life insurers, widely recognized for its quality and innovation and for its role in making life insurance and retirement savings a reality for tens of millions of low-income and underserved Indian households.”
Mucci added, “Gary played an important role in the tremendous growth and success of Max New York Life and we are grateful to him for his many contributions. He did an outstanding job leading Max New York Life, and in his prior post running New York Life’s Hong Kong operation, and I’m pleased he’s accepted a new position within New York Life International overseeing our large and attractive Greater China region.”
Previously, as a member of the company’s core management team, Mr. Sud was charged with steering the overall distribution network of the company and overseeing the product management, marketing, corporate affairs and customer relationship management functions. Prior to that he served as executive director, distribution, and was the primary driver for Max New York Life Insurance’s distribution footprint across India, setting up alliances and an agent-advisor network and model that was recognized as the “best in class.” Mr. Sud earned his Bachelor of Commerce and an MBA in marketing and finance from Faculty of Management Studies, Delhi University before completing his Advanced Management Program at the Wharton Business School.
Mr. Mehta is also a founding team member of the Max New York Life team. Prior to his role as deputy chief operating officer, Mr. Mehta served as Max New York Life’s executive director for human resources, training and internal communications where he was responsible for strategic initiatives leading to the strengthening of the Max New York Life’s human resource management. He also made important contributions to the development and implementation of Max Vijay, the innovative business model that fulfills the protection and savings needs of the underserved market. Prior to joining Max New York Life, he was director – personnel at Bank of America and worked with HCL – Hewlett Packard. Mr. Mehta is a management graduate and attended an Advanced Management Course at INSEAD, France.
About Max New York Life Insurance (www.maxnewyorklife.com)
Max New York Life is a joint venture between Max India Ltd., one of India’s leading multi-business corporations and New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India’s leading private life insurance companies. The company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life Insurance is creating a partnership for life with its customers in India.
About New York Life New York Life International, LLC, the international arm of New York Life Insurance Company, offers insurance products through its subsidiaries and affiliates in Hong Kong, China, Taiwan, South Korea, India, Argentina, Mexico, and Thailand.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investment Management LLC provides institutional asset management, retirement plan and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
Please visit New York Life’s Web site at www.newyorklife.com for more information.
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|Max New York Life Appoints Rajesh Sud as CEO and Managing Director|