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Anand Mahindra to step down as Mahindra Group Executive Chairman from April 2020

Anand Mahindra, group chairman, Mahindra & Mahindra will be stepping down with effect from April 1, 2020.

Anand Mahindra, group chairman, Mahindra & Mahindra will be stepping down with effect from April 1, 2020.   | Photo Credit: Paul Noronha

“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 company said in a statement.

Mahindra & Mahindra (M&M) on Friday announced a rejig of its top management with Anand Mahindra, 64, transitioning to the role of non-executive chairman from executive chairman, effective 1 April, 2020.

In a statement, the firm said 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.

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Printable version | Feb 20, 2020 7:02:50 PM | https://www.thehindu.com/business/anand-mahindra-to-step-down-as-mahindra-group-executive-chairman-from-april-2020/article30357879.ece

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