Anand Mahindra, the chief of Mahindra & Mahindra group would be stepping down as chairman on 1 April 2020. He will be the non-executive chairman of Mahindra & Mahindra Ltd. Dr Anish Shah will transition, in two phases, to become managing director (MD) and chief executive (CEO) on 2 April 2021 with full oversight of all M&M group businesses, the company said.
According to Mr Mahindra, 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,” he added.
As per the succession plan, from 1 April 2020, Dr Pawan Goenka will be re-designated as MD and CEO of M&M. On the same day, Dr Shah will join M&M Board as deputy MD and group chief financial officer (CFO), with responsibility for the group corporate office and full oversight of all business sectors of the group other than auto and farm sectors (AFS). He will have direct accountability to the board for his non-AFS responsibilities. From 2 April 2021, Dr Shah will be appointed as MD and CEO of M&M.
From April next year, Rajesh Jejurikar and CP Gurnani would join the board of M&M. Mr Jejurikar will join the board as executive director for auto and farm sectors and would report to Dr Goenka till 1 April 2021 and to Dr Shah after that.
Mr Gurnani, MD and CEO of Tech Mahindra Ltd would be joining the M&M board as non-executive director from April 2020, the release says.
Rajeev Dubey, group president for human resources (HR) and corporate services and CEO for after-market sector will retire on 1 April 2020 on reaching the age of superannuation. He, however, will continue to be associated with the M&M group in a non-executive and advisory capacity.
Ruzbeh Irani will head M&M group HR & communications, which includes corporate social responsibility (CSR), ethics and CIS. VS Parthasarathy will head mobility services sector, which is a new sector being created by combining after-market sector, Mahindra Logistics and auto mobility services, the company added.