Mahindra Group's Chairman Anand Mahindra may step down from his current role and transition to a non-executive role over the next two quarters, according to The Times of India.
The move is seen as part of the group's succession plan across various verticals, according to the report, which cited unnamed sources. Also, it's in accordance with Securities and Exchange Board of India's norms that states chairpersons of Top 500 listed companies must be a non-executive director from Apr. 1, 2020.
In 2018, the proposal to split leadership roles was one of the recommendations of the Uday Kotak committee on corporate governance which was later accepted by SEBI. The suggestion to split the top roles was aimed at “sharpening the distinction between governance of boards and management of companies”, Uday Kotak, chairman of the panel, had said earlier.
Anand Mahindra, along with the group's Managing Director Pawan Goenka and Group President (human resources) Rajeev Dubey are slated to retire over the next 12-18 months, The Times of India report said, adding that the group will announce a series of changes to various senior positions as several managers hit the age limit over the next four to six weeks.
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