Mahindra & Mahindra has completed a structured and rigorous review of top management succession, in light of the fact that over the next 15 months, a number of key leaders will be retiring. The review by the company’s Governance, Nomination & Remuneration Committee (GNRC) has been ratified by the Board of Directors.
With effect from April 1, 2020, 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. As Non-Executive Chairman, he will serve as a mentor and sounding board for the Managing Director on issues to be presented to the Board, especially in the areas of strategic planning, risk mitigation and external interface. In addition, he will be available to provide feedback and counsel to the Managing Director on key issues facing the enterprise.
Dr Pawan Goenka will be re-designated as Managing Director and CEO with effect from April 1, 2020. There will be no change in any reporting relationships as a result of this re-designation. He will retire on April 1, 2021. Dr Goenka will continue to retain direct responsibility of Ssangyong Motors as Chairman of its Board till his retirement date.
Dr Anish Shah will transition to becoming Managing Director and CEO on April 2, 2021, with full oversight of all Group businesses, in two phases. On April 1, 2020, he will join the M&M Board as Deputy Managing Director and Group 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 April 2, 2021, he will be appointed as Managing Director and CEO.
On April 1, 2020, Rajesh Jejurikar will join the M&M Board as Executive Director (Auto and Farm Sectors), with direct operational responsibility and accountability for the Sectors. He will report to Dr Goenka for the transition year and then report to Dr Anish Shah from April 2, 2021, onwards.
On April 1, 2020, C P Gurnani, the current Managing Director and CEO of Tech Mahindra Ltd. will join the M&M Board as a non-executive Director.
Rajeev Dubey, Group President (HR & Corporate Services) & CEO (After-Market Sector), will retire on April 1, 2020 on reaching the age of superannuation. He will continue to be associated with the Group in a non-executive and advisory capacity.
Ruzbeh Irani will head 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 Aftermarket Sector, Mahindra Logistics and Auto Mobility Services. Parthasarathy and Ruzbeh will report to Dr Anish Shah.
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”.
Further changes at the Group Corporate Office and the Auto and Farm Sectors will be announced on December 23, 2019.
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