Kathmandu. Reliance Life Insurance Company has appointed Deputy Chief Executive Officer Nirajan Kandel as Officiating Chief Executive Officer(CEO) until further notice. A meeting of the board of directors held on 24 December had decided to give the responsibility to Kandel.
Prior to joining Reliance Life Insurance, Kandel was with Standard Chartered Bank. He had served there in the designation of Manager. He has worked for Citizen International Bank Limited and Siddhartha Bank Limited. The Kedia Organization is the major promoter of both Siddhartha Bank and Reliance Life Insurance.
The post of CEO had remained vacant after the term of CEO Pravin Raman Parajuli ended on 27 December. While most of the new companies are extending the tenure of their CEO, the BODs of Reliance Life has decided not to repeat Parajuli for second term. Market sources confirm that Parajuli has agreed to join Nepal Life Insurance at the position of Deputy CEO to skip cooling period as per the Corporate Governance Directives of the Insurance Board. A CEO of an insurance company is supposed to take a break of at least six months prior to joining any other insurance company.