Mahindra Group has reshuffled its top management for “strong, proven leaders” at the helm of its businesses.
According to the company statement,
Hemant Sikka, president of the farm equipment sector, has been appointed as the chief executive of Mahindra Logistics Ltd. He replaces Ram Swaminathan, who has resigned.
Veejay Nakra, president of M&M's automotive division, has been appointed as the president of the farm equipment division. He will continue to report to M&M CEO Rajesh Jejurikar.
R Veluswamy, president of automotive technology and product development, will replace Nakra as president of the automotive business. He will continue to report to Jejurikar.
Separately, Mahindra Group has decided to integrate its SUV and LCV (under 3.5 tonnes) business under one leader—Veluswamy.
“These leadership changes ensure that we have strong, proven leaders at the helm of our key businesses,” Mahindra Group CEO Anish Shah said in the statement. “Their experience will enable us to drive significant growth and create greater value for our customers and shareholders.”
“We thank Ram for his contributions to the company and wish Hemant, Veejay, and Velu the very best for the journey ahead.”
Founded in 1945, Mahindra Group is a global Indian conglomerate with over $25 billion in annual revenue from its automotive to agriculture and information technology to financial services businesses. It's currently led by Chairman Anand Mahindra.
On Monday, M&M shares rose 3.28% to Rs 2,767.30 apiece on the BSE even as the benchmark S&P BSE Sensex ended the day 1.09% higher at 79,408.50 points.
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