Mahindra & Mahindra Ltd. will re-designate Chairman Anand Mahindra as its non-executive chairman from April, as part of top-level changes announced under its succession plan.
Managing Director Pawan Goenka will take on the additional role of chief executive officer from April 1, 2020 till April 2021, when he retires. Goenka's current term, which ends on Nov. 11 this year, has been extended till April next year to help with the succession plan, according to the exchange filing.
Anish Shah, the current group president (strategy), will be elevated to deputy managing director and chief financial officer in April 2020 and will later go on to succeed Goenka as MD and CEO.
The current CFO VS Parthasarathy will head the new e-mobility services division that will be created after merging the company's after-market division, and Mahindra Logistics and Auto-Mobility Services. Parthasarathy will report to Anish Shah.
These changes are part of the comprehensive succession plan recommended by the governance, nomination and remuneration committee, the board of directors, at its meeting held on Dec. 20, the filing said.
“This plan reflects M&M's depth of management talent and will ensure continuity in terms of culture, values, governance and operational effectiveness. I see myself as the custodian of its values and the watchdog of the interests of its shareholders,” Mahindra said in the filing. “Internal audit will continue to report to me. I will continue to exercise oversight through the board”.
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