2 min readMumbaiMar 17, 2011 03:22 PM IST
First published on: Mar 17, 2011 at 03:22 PM IST
Auto major Mahindra amp; Mahindra said President of its automotive and farm equipment business,Pawan Goenka,has been appointed as Chairman of South Korea’s Ssangyong Motor Company SYMC.
Mahindra has taken control of the South Korean car maker after buying a 70 per cent stake in it.
“The new Chief Executive Officer of SYMC will be Yaoo-il Lee,while Dilip Sundaram from Mahindra will be the new CFO.
Besides,Mahindra’s Executive Director and Group CFO Bharat Doshi has been named as Director of SYMC,” the company spokesperson Roma Balwani said at a press conference here.
Mahindra,which emerged as the preferred bidder for SsangYong in August,2010,will now hold a 70 per cent stake in SMC,for which it has shelled out USD 463-million about Rs 2,105-crore.
The Independent Directors include Thierry Moulonguet,former Executive Vice-President and CFO,Renault,Kim Kihwan,Korean Ambassador-at-Large for Economic Affairs from 1997-99 and Suk Suh Yoon,Dean of Ewha Women’s College of Business.
“It is a matter of great pride for me to be appointed Chairman of one of Korea’s premier automotive companies. We are committed to nurturing the SsangYong brand in both the Korean and global markets and returning it to its days of glory,” Pawan Goenka said.
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