Business

Anand Mahindra to step down as M&M executive chairman

Anand Mahindra.

Anand Mahindra.  

Anish Shah to join board, take over as MD & CEO in 2021

Automotive major Mahindra & Mahindra Ltd. (M&M) has announced major changes in key leadership roles effective April 1, 2020, as a number of its top executives are retiring over the next fifteen months.

Mahindra Group president (Strategy) Anish Shah, who joined the group nearly five years ago from GE Capital, gets the pivotal role to pilot the auto major in future.

Chairman Anand Mahindra will transition to the role of non-executive chairman of the board of M&M with effect from April 1, 2020.

As non-executive chairman, Mr. 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. He will also provide feedback and counsel to the MD on key issues facing the firm.

Dr. Pawan Goenka, the current MD, will be re-designated as MD and CEO effective April 1, 2020.

There will be no change in any reporting relationships as a result of this redesignation. He will retire on April 1, 2021 and continue to retain direct responsibility of SsangYong Motor as chairman of its board till his retirement date.

Dr. Shah will transition to becoming MD and CEO in 2021, and with full oversight of all group businesses, in two phases.

On April 1, 2020, he will join the M&M board as deputy MD and group CFO, with responsibility for the Group Corporate Office and oversight of all of the group’s businesses other than auto and farm sectors (AFS). He will have direct accountability to the board for his non-AFS responsibilities. On April 2, 2021, he will be appointed as managing director and CEO.

Rajesh Jejurikar, currently heading the farm equipment sector, will join the M&M Board as executive director (Auto and Farm Sectors), with direct operational responsibility and accountability for the sectors. He will report to Dr. Goenka for the transition year and then report to Dr. Shah.

C.P. Gurnani, managing director & CEO, Tech Mahindra, will join the M&M board as a non-executive director. Rajeev Dubey, group president (HR & Corporate Services) & CEO (After-Market Sector), will retire on April 1, 2020. He, however, will continue to be associated with the group in a non-executive and advisory capacity.

Ruzbeh Irani, president, Group Communication & Ethics, will head Group HR & Communications, which includes CSR, Ethics and CIS.

V. S. Parthasarathy, currently Group CFO, 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. Mr. Parthasarathy and Mr. Ruzbeh will report to Dr. Shah.

“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,” Anand Mahindra, chairman, Mahindra Group, said in a statement.

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, M&M said.

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Printable version | Feb 25, 2020 12:29:28 PM | https://www.thehindu.com/business/anand-mahindra-to-step-down-as-mm-executive-chairman/article30361794.ece

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