Keshub Mahindra, chairman of Mahindra & Mahindra, is to retire from the company at the conclusion of the forthcoming Annual General Body Meeting scheduled on August 8, 2012. He will be the Chairman Emeritus, advising the company with Anand Mahindra as chairman and managing director.
Keshub Mahindra joined the Board of the company in 1948 and was elected chairman in 1963. During the 48 years of his chairmanship, the Mahindra Group has grown from a manufacturer of automobiles to a federation of companies operating in a range of businesses which includes automobiles, tractors, auto components, IT, real estate, financial services and hospitality. Over the years he successfully created business alliances with global majors such as the Willys Corporation, Mitsubishi, International Harvester, United Technologies, British Telecom and many others, laying the foundation for the emergence of the Group as an Indian multinational.
During the course of his long and illustrious career, Mr Mahindra has served on a large number of Boards and Councils in both private and public domain. He has also been the recipient of many national and international awards. Accepting the position of chairman emeritus, Keshub Mahindra said, "I am deeply touched by this gesture of the Board, whose wisdom has guided me and the company over the years, and whose trust and friendship have enriched me personally. It is gratifying to be able to hand over to the next generation at a time when the company’s performance is at its best. I am confident that Anand will retain and strengthen the values and principles that the Mahindras have stood for in the last six decades, and the Group will continue to grow its leadership position across its various businesses.”
Anand Mahindra said, “Mr Keshub Mahindra has been a role model for business leaders and a true statesman. He has built an organisation that cares and is known for its ethics and social responsibility, and has shown by example how one remains steadfast in turbulence and navigates in crisis without sacrificing ethics and values.”