Prashant Tripathy to step down as Axis Max Life MD & CEO in September

Axis Max Life CEO Prashant Tripathy to step down by September-end after six years at the helm; board to begin search for successor, subject to regulatory nods

Axis Max Life Insurance on Wednesday said that its current managing director and chief executive officer (MD & CEO), Prashant Tripathy, has decided to take early retirement and will step down from his position at the end of the September quarter. Accordingly, the company’s board will initiate the process to identify his successor, subject to the necessary regulatory approvals.

 

In September 2023, Tripathy was reappointed as the MD & CEO of Axis Max Life for a period of five years, until December 2028.

 

“…I hereby express my desire to retire early from my position as the MD & CEO of Axis Max Life to devote time to my personal pursuits and priorities,” Tripathy said in his letter to the board of directors seeking early retirement. The board has approved his request, Max Financial Services—the holding company of Axis Max Life Insurance—said in an exchange notification. 

 

Tripathy took over as MD & CEO of Axis Max Life Insurance (earlier known as Max Life Insurance) in January 2019, following the resignation of then MD & CEO Rajesh Sud in September 2018. Tripathy had joined the company in 2007 and served as its MD & CEO for the last six years.

 

“…I would like to extend our deep appreciation to Prashant for his visionary leadership and the lasting impact he has made on the company over the years,” said Rajiv Anand, chairman, Axis Max Life Insurance.

 

Axis Max Life Insurance is a joint venture between Axis Bank and Max Financial Services. Entities of Axis Bank hold a 19.02 per cent stake in the company, while Max Financial Services holds the remaining 80.98 per cent.

 

In a recent interview with Business Standard, Tripathy shared his vision for the company to break into the top three private sector listed life insurance players in the country. He also mentioned that once the amendments to the Insurance Act are passed, the company would initiate the listing process for Axis Max Life Insurance, which is currently quasi-listed through its holding company, Max Financial Services.