Mahindra and Mahindra today announced the succession plans for its top management, which will see several of the company's key leaders retire over the next fifteen months. This includes the company's Group Chairman, Anand Mahindra, and CEO and Managing Director, Pawan Goenka, who are set to retire in April 2020 and April 2021, respectively. The Board's Governance, Nomination & Remuneration Committee (GNRC) has laid-out a structured plan for the top management succession, and it has been approved by the company's Board of Directors as well.
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Pawan Goenka will step down from his position with effect from April 1, 2020
Mahindra Group's Chairman, Anand Mahindra will step down from his position with effect from April 1, 2020, and take up a non-executive position in the board. In his new role, Mahindra will act as a mentor and sounding board for the Managing Director on issues to be presented to the Board like - strategic planning, risk mitigation and external interface. On the other hand, Mahindra and Mahindra CEO and MD, Pawan Goenka will be re-designated to the same role from April 1, 2020, and will see no change in any reporting relationships. He will also continue to retain direct responsibility of Ssangyong Motors as Chairman of its Board till his retirement date, which is set for April 1, 2021.
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Goenka will be succeeded by Anish Shah, who will take over the Managing Director and CEO on April 2, 2021 with full oversight of all Group businesses. Shah currently serves as the Group President (Strategy) for the Mahindra Group but will joint the M&M board as the Deputy Managing Director and Group CFO with effect from April 1, 2020. He will be responsible 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.
Anish Shah will join M&M board as Deputy MD and Group CFO with effect from April 1, 2020, and take over as MD and CEO on April 2, 2021
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".
Other restructurings in top management, with effect from April 1, 2020, will include, Rajesh Jejurikar will join the M&M Board as Executive Director (Auto and Farm Sectors), and C.P. Gurnani MD & CEO of Tech Mahindra will retire and will join the M&M Board as a non-executive Director. Rajeev Dubey, Group President (HR & Corporate Services) & CEO (After-Market Sector), will also retire on April 1, 2020, but will continue to be associated with the Group in a non-executive and advisory capacity. Ruzbeh Irani will join as the head of Group HR & Communications, which includes CSR, Ethics and CIS. V. S. 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.
