In the past few weeks, Reliance executives have met with several businesses to assist them in identifying outstanding talent across the life, health, and general insurance segments.
According to persons familiar with the situation, Reliance Industries Ltd. is in talks with international and domestic executive headhunters to identify a leader for Jio Financial Services Ltd.’s newly established insurance division.
According to the persons who asked to remain anonymous because the conversations were private, executives from Reliance have recently visited with several companies to assist them in identifying top talent across the life, health, and general insurance segments. According to the persons, companies including Korn Ferry and Spencer Stuart Inc. have spoken with the petrochemicals-to-consumer conglomerate’s executives.
Before the start of next year, Jio Financial will aim to choose a chief executive for the insurance division, the people added. Reliance and Korn Ferry spokesman declined to comment. Spencer Stuart did not immediately answer an inquiry for comment.
The leadership hunt occurs as Asia’s richest man and Reliance Chairman Mukesh Ambani predicted Monday that Jio Financial would transform insurance in India. Last week, Jio Financial went public as Ambani tried to build a new non-banking finance juggernaut to use Reliance’s greater reach across its internet and retail operations.
According to the sources, K.V. Kamath, a seasoned banker and Jio Financial’s non-executive chairman, will oversee the executive hires closely. According to the people, the first chief executive will play a significant role in establishing the organizational structure that Jio Financial is now developing for its insurance business.
Although imminent, according to the people, a decision has not yet been taken. Domestic headhunters would be used for middle- and mid-senior positions, while a global company would likely receive the mandate for the CEO search.
