MUMBAI, DEC 20
Mahindra & Mahindra (M&M) on Friday announced a rejig of its top management with Anand Mahindra, 64, transiting to the role of non-executive chairman from executive chairman, effective 1 April, 2020.
There will be further changes, both at the Group Corporate Office and Auto and Farm Sectors. These changes will be announced on December 23, 2019, the company release said.
Announcing these changes, Anand Mahindra (Chairman, Mahindra Group) said, “This plan reflects M&M’s depth of management talent and will ensure continuity in terms of culture, values, governance and operational effectiveness. In my new role, I see myself as the conscience keeper of the Mahindra Group, as the custodian of its values and the watchdog of the interests of its shareholders. Internal audit will continue to report to me. I will continue to exercise oversight through the Board”.
Speaking on behalf of the Governance, Nomination & Remuneration Committee (GNRC) of the Board of Directors of M&M Ltd., M. M. Murugappan (GNRC Chairman) said, “The GNRC interviewed internal candidates and also considered the prospect of external candidates. This thorough and rigorous process reflects the highest standards of corporate governance. We are confident that the new leadership team is well equipped to perpetuate the Mahindra Rise culture and values while ensuring rapid and profitable growth”.
According to the company statement, Pawan Kumar Goenka has been re-appointed the managing director with additional responsibilities of chief executive officer (CEO) for a year, effective 1 April, 2020.
The company has created the CEO position as it aims to implement its plans around electric mobility and capitalise on the synergies with Ford’s India operations in the near future.
Further, Anish Shah will transition to become Managing Director and CEO on April 2, 2021, replacing Goenka, who will retire after his term ends.
Shah will join M&M board as Deputy Managing Director and Group CFO, replacing VS Parthasarathy, the current CFO.
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.
Rajesh Jejurikar will join the M&M Board as Executive Director (Auto and Farm Sectors) on April 1, 2020, with direct operational responsibility and accountability for the Sectors. He will report to Dr. Goenka for the transition year and then report to Dr. Anish Shah from April 2, 2021 onwards.
C.P. Gurnani, Managing Director & CEO of Tech Mahindra Ltd. will join the M&M Board as a non-executive Director on April 1, 2020.
Rajeev Dubey, Group President (HR & Corporate Services) & CEO (After-Market Sector), will retire on April 1, 2020 on reaching the age of superannuation. He will continue to be associated with the Group in a non-executive and advisory capacity.
Ruzbeh Irani will head Group HR & Communications, which includes CSR, Ethics and CIS. Ruzbeh will report to Dr. Anish Shah.
