The news all over the world flashed with a shock as Anand Mahindra on December 20 declared that he won’t be working as the executive chairman of the group from April 1, 2020. With effect from April 1, he will be non-executive chairman of the Mahindra & Mahindra board, Anand said in a statement. The company shared that 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 improve the freedom 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 the automaker while announcing the changes.
M&M also shared that managing director Pawan Goenka will be re-designated as managing director and CEO with effect from April 1. There will be no change in any reporting relationships as a result of this re-designation, it added.
“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, Ananda will serve as a mentor and a sounding board for the managing director on problems to be presented to the board, especially in the sections of strategic planning, risk mitigation and external interface, the company said.
He also stated India’s internal audit unit will continue to report to him. “I will continue to exercise oversight through the board,” Ananda added.
The renowned industrialist will also be available to give feedback to the managing director on the important issues facing the group, the company added.
Goenka will continue as chairman of group company SsangYong Motors’ board till his retirement.
After 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.