SBI Life Insurance Co today said Sanjeev Nautiyal, chief general manager of State Bank of India (SBI)'s Ahmedabad circle has been nominated as its next MD and CEO as the current head Arijit Basu has been posted as Deputy Managing Director of Corporate Accounts Group of parent company SBI.
SBI..has informed our company that, subject to requisite regulatory approvals, SBI has nominated Sanjeev Nautiyal, as the Managing Director and Chief Executive Officer of our company for a period of two years from the date that he assumes the office of MD and CEO of our company or until further orders," SBI Life said in a regulatory filing.
The nomination of Nautiyal as the head of SBI Life is subject to ratification by the Nomination and Remuneration Committee (NRC) of the board and the board of directors of the insurer.
The NRC and the board will convene on March 1 for consideration, ratification and further actions required in this matter, SBI Life added.
Nautiyal was had started his career as a probationary officer in SBI in 1985.Basu had taken over the post in August 2014 and was a banker at SBI prior to this.
SBI Life is a joint venture between the country's largest lender State Bank of India (SBI) and global insurance company BNP Paribas Cardif.