Anand Mahindra to step down as Executive Chairman

Anand Mahindra to step down as Executive Chairman. The decision was approved by the Governance, Nomination and Remuneration Committee ("GNRC") of the Company.

Mumbai: Mahindra & Mahindra (M&M) on Friday announced a rejig of its top management with Anand Mahindra, 64, transitioning to the role of non-executive chairman from executive chairman, effective 1 April, 2020.

In a statement, the firm said Pawan Kumar Goenka has been re-appointed the managing director with additional responsibilities of chief executive officer (CEO) for a year, effective 1 April, 2020.

The company has created the CEO position as it aims to implement its plans around electric mobility and capitalise on the synergies with Ford's India operations in the near future.

Regulatory filing of Mahindra & Mahindra Ltd

Further, Anish Shah will transition to become Managing Director and CEO on April 2, 2021, replacing Goenka, who will retire after his term ends.

Shah will join M&M board as Deputy Managing Director and Group CFO, replacing VS Parthasarathy, the current CFO.

Parthasarathy will head the mobility services sector, which is a new sector being created by combining the after-market sector, Mahindra Logistics and Auto Mobility Services.