Mumbai:
Mahindra Group on Friday said Anand Mahindra will step down as Executive Chairman from April 1, 2020. "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 group said in a statement. Pawan Goenka will be re-designated as Managing Director and Chief Executive from April 1. As Non-Executive Chairman, Mahindra will serve as a mentor and sounding board for the Managing Director, especially in the areas of strategic planning, risk mitigation and external interface, the statement said.
Announcing these changes, Anand Mahindra (Chairman, Mahindra Group) said, “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”.
There will be further changes, both at the Group Corporate Office and Auto and Farm Sectors. These changes will be announced on 23rd December 2019.
The Mahindra Group is a $20.7 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It enjoys a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, aerospace, commercial vehicles, components, defense, logistics, real estate, renewable energy, speedboats and steel, amongst other businesses. Headquartered in India, Mahindra employs over 240,000 people across 100 countries.
