Anand Mahindra To Step Down As Mahindra Group Chairman Next Year; Other Rejigs Announced

However, in a filing submitted to the stock exchange, the company also informed that he will continue in the company role of Non-Executive Chairman.

Anand Mahindra will transition to the role of Non-Executive Chairman of the Board. (File Photo/ AFP)

New Delhi: Indian multinational car manufacturer Mahindra & Mahindra Group on Friday announced that Anand Mahindra will step down from the position of company's Executive Chairman with effect from April 1, 2020. However, in a filing submitted to the stock exchange, the company also informed that he will continue in the company role of Non-Executive Chairman. As per reports, the company’s board of directors took the decision keeping in mind the recommendations of the company’s Governance, Nomination and Remuneration Committee. With effect from 1^st April 2020, Mr. Anand Mahindra will transition to the role of Non-Executive Chairman of the Board of Mahindra & Mahindra Ltd. This is in accordance with the SEBI guidelines. This will further enhance the independence of the Board," M&M said in its official statement. In a tweet, Anand Mahindra said he was delighted to announce the leadership transition plan. “Delighted to announce our leadership transition plan which reflects the Group’s commitment to good governance,” he said. “I am grateful to the board and nominations committee for conducting a diligent and rigorous year-long process that will ensure a seamless transition.”

Delighted to announce our leadership transition plan which reflects the Group’s commitment to good governance. I am grateful to the board & nominations committee for conducting a diligent & rigorous year-long process that will ensure a seamless transition https://t.co/iw34PPxmCg

— anand mahindra (@anandmahindra) December 20, 2019

The company also informed about the re-designating of M&M Managing Director Pawan Kumar Goenka as 'Managing Director and Chief Executive Officer' with effect from April next year, till the end of his current term up to November 11, 2020. The company’s shares fell 0.86 per cent to close at Rs 530.80 per share at the National Stock Exchange. Besides, Group President (Strategy) Anish Shah, was appointed as the Chief Financial Officer (CFO) of the company in place of the current CFO V.S. Parthasarathy "who would be transiting to a new Role from April, 1, 2020". “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 said. The company also informed that Rajesh Jejurikar will join the M&M Board as Executive Director (Auto and Farm Sectors), with direct operational responsibility and accountability for the Sectors whereas C.P. Gurnani, Managing Director & CEO of Tech Mahindra Ltd. will join the M&M Board as a non-executive Director. In its official statement, the company also mentioned that further changes in leadership would be made in the Group Corporate Office, and auto and farm sectors. These announcement will be made on December 23.