New Delhi: Anil Ambani group’s financial services arm Reliance Capital is set for a change of guard at the top with Sam Ghosh, who has led ramping up of German insurer Allianz’s Indian insurance ventures, about to replace Amitabh Chaturvedi as the new CEO.
The appointment, to be effective from next month, would also see a significant focus of Reliance Capital on its insurance business as well as retail customers.
While a company spokesperson declined to comment on the development, industry sources said that Ghosh would assume the role from 1 April. Ghosh would report to Reliance Capital vice-chairman Amitabh Jhunjhunwala.
Sources said Ghosh has already put in his papers at Allianz. Allianz has appointed Abdul Rahman Tolefat as the new CEO for Allianz Takaful Bahrain and Kamesh Goyal as new regional CEO for the Middle East and North Africa, effective 1 April , 2008.
Allianz said in a statement that Ghosh, the current regional CEO for Middle East and North Africa, will give up his post with effect from 1 April in order to assume an assignment outside of the Allianz Group.
At Allianz, Ghosh has been responsible for ramping up business of its joint venture in India — Bajaj Alliance General Insurance and Bajaj Allianz Life Insurance. Both these insurance ventures are today amongst the top three businesses in the country in their respective sectors.
The Middle East regional unit of Allianz, with headquarters in Bahrain, also has Allianz entities in Egypt, India, Jordan, Lebanon, Pakistan, Saudi Arabia and Sri Lanka.