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HDFC Standard Life Insurance has appointed Vibha Padalkar as its new Managing Director and CEO for a period of three years with effect from Wednesday.
Before her elevation, Padalkar was the insurer’s Executive Director and Chief Financial Officer.
Her elevation comes after Amitabh Chaudhry resigned as the chief of HDFC Standard Life Insurance to join Axis Bank as Managing Director and CEO.
As the new MD and CEO, she will be leading the largest private sector life insurer in the country in terms of new business premium collection.
The decision was taken at a meeting of the board of directors of the life insurer, based on the recommendation of the Nomination and Remuneration Committee.
“The terms of appointment are subject to approval by the shareholders and the Insurance Regulatory and Development Authority of India,” the company said in a regulatory filing. “We have a strong team in place that has delivered over the years to make HDFC Life an industry leader, and we hope to continue with this track record, delivering more value as we go along,” Padalkar said on her appointment.
The board also appointed Suresh Badami, the Chief Distribution Officer, as a whole-time director of the company for a period of three years with effect from September 17.
The company’s scrip fell 2.15 per cent on Wednesday and closed at ₹436.30 apiece on the BSE.
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