Anand Mahindra To Step Down As Mahindra & Mahindra Executive Chairman From April 1
Industrialist Anand Mahindra on Friday announced his decision to step down as executive chairman of the group from April 1, 2020. With effect from April 1, Mr Mahindra will be non-executive chairman of the Mahindra & Mahindra board, the auto maker said in a statement. Mahindra & Mahindra said a number of key leaders will be retiring over the next fifteen months, giving details of key changes in its top management going forward.
The change in the company's top management was in tandem with market regulator Sebi's guidelines and will further enhance the independence of the board, Mahindra & Mahindra said.
"This plan reflects M&M's depth of management talent and will ensure continuity in terms of culture, values, governance and operational effectiveness," said Mr Mahindra while announcing the changes.
M&M also said managing director Pawan Goenka will be re-designated as managing director and CEO with effect from the same day. There will be no change in any reporting relationships as a result of this redesignation, it added.
Delighted to announce our leadership transition plan which reflects the Group's commitment to good governance. I am grateful to the board & nominations committee for conducting a diligent & rigorous year-long process that will ensure a seamless transition https://t.co/iw34PPxmCg
December 20, 2019"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," he added.
As non-executive chairman, Mr 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, the company said.
He also said the company's internal audit unit will continue to report to him. "I will continue to exercise oversight through the board," Mr Mahindra added.
Mr Mahindra will also be available to provide feedback to the managing director on key issues facing the group, the company added.
Mr Goenka will continue as chairman of group company SsangYong Motors' board till his retirement.
After Mr Goenka's retirement on April 1, 2021, Anish Shah will be given the role of managing director and CEO from the next day, according to the company statement.
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