Top-level rejig at Mahindra & Mahindra
Anand Mahindra, the executive chairman of Mahindra & Mahindra Ltd, will move to a non-executive role next year from April as a part of the top management reshuffle. Pawan Kumar Goenka will be re-designated as MD and CEO with effect from April 1, 2020. He will retire on April 1, 2021, and Anish Shah will take over as the MD and CEO after him, the company stated. Goenka will also continue to retain the direct responsibility of SsangYong Motors as the chairman of its board till his retirement date mentioned above.
As a non-executive chairman, Mahindra will serve as a mentor and sounding board for the MD on issues to be presented to the board, especially in the areas of strategic planning, risk mitigation, and external interface. Besides, he will also be available to provide feedback and serve as a counsel to the MD on key issues faced by the enterprise.
Shah, who is currently the group president (strategy), will be appointed as the chief financial officer replacing V S Parthasarathy from April 1, 2020, and will take charge as an additional director of the company from April 15 till the next annual general meeting.
Parthasarathy will head the mobility services sector, which is created by combining the after-market sector, Mahindra Logistics, and automobility services.
Ruzbeh Irani, the current president (group communications and ethics) and chief brand officer, will head the group HR and communications, which includes corporate social responsibility, ethics, and CIS. Parthasarathy and Ruzbeh will report to Shah.
The top brass changes are a part of the structured and comprehensive succession-planning programme over a while and were approved by the board of directors and governance, nomination, and remuneration committee at its meeting on Friday.
This plan reflects M&M’s depth of management talent and will ensure continuity in terms of culture, values, governance, and operational effectiveness. Internal audit will remain be reporting to Anand Mahindra and he will continue to exercise oversight through the board.
In addition to the above, Rajeev Dubey, group president (HR and corporate services) and 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, the company stated.
Further, Rajesh Jejurikar and CP Gurnani will be appointed as additional directors of the company and Jejurikar will also serve as executive director (automotive and farm sectors) for a period of five years from April 1, 2020, to March 31, 2025.
Mahindra & Mahindra shares closed at Rs 530.80 on Friday.