Anand Mahindra, the Executive Chairman of Mahindra and Mahindra (M&M) Limited, on the 20th of December, announced he would step down from his post and function as the non executive chairman.
Mr. Mahindra took to Twitter and announced the decision, which would come into effect from the 1st of April 2020.
Thank you @anandmahindra & the board. Am honoured & humbled to be a part of this prestigious board.
I look forward to contributing to the growth of our company and continue to spread the mantra of Rise.. My heartiest wishes also to my colleagues on their well deserved new roles https://t.co/0QnFiNai60
— CP Gurnani (@C_P_Gurnani) December 20, 2019
After the 1st of April, Mr. Mahindra would become the Non Executive Chairman of the Board of Mahindra and Mahindra Limited.
Mr. 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.”
The M&M Board would redesignate Pawan Goenka, the Managing Director of M&M, as the Managing Director (MD,) with an additional charge of Chief Executive Officer (CEO.) Mr. Goenka’s redesignated post would come into effect from the 1st of April 2020.
As of now, Pawan Goenka is the Chairman of the Board of SsangYong Motor, a South Korean company which was taken over by M&M in 2010.
Though Pawan Goenka would be the CEO of M&M from the 1st of April 2020, he would not release himself from the CEO position of SsangYong Motor until his retirement date, which would be the 1st of April, 2021.
When asked about the changes in the reporting heads and other crucial decision making at M&M after the change in his position, Mr. Mahindra said the changes would not affect the reporting system. He would still oversee the growth and development of the Company, including internal affairs, audit and interests of its shareholders.
Speaking about taking up the role of non executive chairman, Mr. Mahindra said he would now focus on strategies, risk mitigation and other issues closely as a mentor. He said “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.”
While Anand Mahindra would take over as the Non Executive Chairman, Pawan Goenka would take over as the MD and CEO of M&M on the 1st of April 2020.
Stay tuned for further updates.
