Anand Mahindra will step down as the Executive Chairman of the Mahindra Group with effect from April 1, 2020. Mahindra will transition to the role of Non-Executive Chairman, the company said in a statement.
“With effect from 1st April 2020, Mr. Anand Mahindra will transition to the role of Non-Executive Chairman of the Board of Mahindra & Mahindra Ltd. This is in accordance with the SEBI guidelines,” the company’s statement read.
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
— anand mahindra (@anandmahindra) December 20, 2019
The 64-year old will be serving as a mentor and sounding board for the Managing Director on issues to be presented to the Board, particularly in areas of strategic planning, risk mitigation and external interface, the company explained.
In addition to this, he will be available to provide feedback and counsel to the Managing Director on key issues facing the enterprise.
The statement added that Pawan Goenka will be re-designated as the Managing Director and CEO with effect from April 1, 2020, and will continue in this new role for a year till his retirement on April 1, 2021.
After Goenka’s retirement, Anish Shah will transition to become Managing Director and CEO on April 2, 2021. Shah will initially join M&M board as Deputy Managing Director and Group CFO on April 1, 2020.
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