Auto major Mahindra Group on Friday announced a major rejig to its management with Anand Mahindra stepping down as the executive chairman on April 1, 2020. "With effect from April 1, 2020, Mahindra will transition to the role of Non-Executive Chairman of the board of Mahindra & Mahindra. This is in accordance with the Sebi guidelines," the group said in a statement.
As the non-executive chairman, Anand Mahindra will serve as a mentor and sounding board for the managing director, especially in the areas of strategic planning, risk mitigation and external interface, the statement said. In addition, Pawan Goenka will be re-designated as Managing Director and Chief Executive from April 1. Goenka, who will retire on April 1, 2021, after a stint of more than four years at the helm of affairs at M&M, will be succeeded by Anish Shah, currently the president for strategy at Mahindra Group.
The company also stated that Shah will transition into the role of the group’s chief financial officer (CFO) and deputy managing director from 1 April 2020. Current CFO V.S. Parthasarathy will step down on April 1, 2020 and will move into an unspecified role within the group.
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Rajesh Jejurikar, president of farm equipment sector, has been appointed as an additional director of the company from April 1, 2020, to the company’s next annual general meeting. He has also been appointed as whole-time director of the company designated as 'Executive Director (Automotive and Farm Sectors)' for a period of five years from April 1, 2020 to March 31, 2025, reported The Economic Times.
