Mahindra and Mahindra (M & M) on Monday announced the succession plan for its top executives with Anand Mahindra set to step down as the Executive Chairman of the board and transition to the role of Non-Executive Chairman from April 1 next year.
Besides, the auto major said Rajan Wadhera will retire and step down from his executive role as President for the auto sector division.
Pawan Goenka will be re-designated as the Managing Director and Chief Executive Officer from April 1, 2020 till his retirement a year later. "There will be no change in any reporting relationships as a result of this re-designation," the company said in a statement.
He will continue to retain direct responsibility for SsangYong Motors, the Mahindra Ford Joint Venture, Mahindra Electric Mobility Ltd, Automobili Pininfarina and Mahindra Automotive North America during the transition period before his retirement.
Anish Shah will join the M & M Ltd Board on April 1 next year as Deputy Managing Director and Group Chief Financial Officer. He will be appointed as Managing Director and CEO on April 2, 2021.
Also Read
On April 1, 2020 Rajesh Jejurikar will join the M & M Board as Executive Director for auto and farm sectors. C P Gurnani, Managing Director and Chief Executive Officer of Tech Mahindra Ltd will join the M & M Board as a non-executive Director.
Rajeev Dubey, Group President (Human Resource and Corporate Services) and Chief Executive Officer (after-market sector), will retire on April 1, 2020 on reaching the age of superannuation. Ruzbeh Irani will now head Group HR and Communications which includes CSR, CIS and Ethics.
V S Parthasarathy will head the mobility services sector which is a new sector being created by combining the after-market sector, Mahindra Logistics and Auto Mobility Services.
Consequently, S Durgashankar will have an enhanced role as Group Controller of Finance and Accounts. Hemant Sikka will head the farm equipment sector and Veejay Nakra will be appointed as Chief Executive Officer of auto division. R Velusamy will be appointed as chief of global product development (automotive).
The Mahindra Group is a 20.7 billion dollar enterprise with a strong presence in agribusiness, aerospace, commercial vehicles, components, defence, logistics, real estate, renewable energy, speedboats and steel among other businesses. It employs over 2.4 lakh people across 100 countries.
Disclaimer: No Business Standard Journalist was involved in creation of this content
