Keshub Mahindra, Chairman of Mahindra & Mahindra (M&M), will retire from the board of the company at the conclusion of M&M's annual meeting, to be held on August 8. Mr. Mahindra joined the board of the company in 1948 and was elected chairman in 1963. He will however, remain Chairman Emeritus of the $15.4 billion M&M Group.
According to a statement from M&M, the board of directors unanimously appointed Anand Mahindra as Chairman & Managing Director with effect from August 8.
During Mr. Keshub Mahindra's chairmanship, the Mahindra Group grew from a manufacturer of automobiles to a federation of companies operating in a range of businesses including automobiles, tractors, auto components, Information Technology, real estate, financial services and hospitality.
Mr. Keshub Mahindra has served on a large number of boards and councils in the public and private sector.
In a statement, Mr. Keshub Mahindra said, “it is gratifying to be able to hand over to the next generation at a time when the company's performance is at its best. I am confident that Anand will retain and strengthen the values and principles that the Mahindras have stood for in the last six decades and the Group will continue to grow its leadership position across its various businesses.”
In a statement, Mr. Anand Mahindra said, “Mr. Keshub Mahindra has been a role model for business leaders and a true Statesman. I have had the privilege to work with Mr. Keshub Mahindra for the last 21 years and will do my best to uphold the highest standards he had set for himself as Chairman.”