Mahindra & Mahindra Ltd (M&M)’s governance, nomination and remuneration committee (GNRC) undertook a board and senior management restructuring, following which Anand Mahindra will transition to the role of non-executive chairman from executive chairman, effective 1 April, 2020, the company said in a filing to stock exchanges on Friday.
Pawan Kumar Goenka, on the other hand, has been re-appointed the managing director at M&M. Goenka will also have additional responsibilities as the new 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 capitalize on the synergies with Ford’s India operations in the near future.
Anish Shah, current group president – strategy at M&M, would replace Goenka, who will retire after his term ends on 1 April, 2021. Shah, who also takes over the role of chief financial officer (CFO) from 1 April, 2020 for a year, replacing VS Parthasarathy, the current CFO, will be appointed the MD and CEO at M&M for a period of 4 years beginning April 2021. His term will end 31 March, 2025.
Shah has also been appointed the whole time director of the company and will take over the role of deputy managing director and group CFO from the beginning of next fiscal for a year.
Parthasarathy will move to a new undisclosed role from 1 April, 2020.
Rajesh Jejurikar, current president – farm equipment sector at M&M, has been appointed the executive director for automotive and farm sectors for a period of four years, effective 1 April, 2020.