Anand Mahindra to step down as Chairman of M&M from April 1

  • 2019-08-12 12:00:00
  • Reporter

an Goenka to take over as MD & CEO; Anish Shah to succeed him in 2021 Anand Mahindra will step down from his role as chairman of Mahindra & Mahindra Ltd (M&M) from April 1 next year and make way for Pawan Goenka to helm the automaker as part of a succession plan necessitated by the retirement of some key leaders at the group over the next fifteen months. The succession plan, ratified by the Board of Directors, will see Mahindra transition into the role of non-executive chairman from April 1, 2020. Goenka will be re-designated as Managing Director and CEO with effect from April 1, 2020 and will remain in that role till his retirement on April 1, 2021. There will be no change in any reporting relationships as a result of this re-designation. Goenka will continue to retain direct responsibility of Ssangyong Motors as Chairman of its Board till his retirement. Anish Shah, now Group President (Strategy), will make a transition to 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. On April 2, 2021, he will be appointed as Managing Director and CEO. As Non-Executive Chairman, Mahindra 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, a company statement said.

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