Auto major Mahindra & Mahindra (M&M) on Friday announced a succession plan with the transition of Anand Mahindra’s role to that of a non-executive chairman and Pawan Goenka re-designated as the MD and CEO with effect from April 1, 2020. In an address to the employees of Mahindra & Mahindra, Anand Mahindra explained the change of guard at the conglomerate and assured of a smooth transition.
Auto major Mahindra & Mahindra (M&M) on Friday announced a succession plan with the transition of Anand Mahindra’s role to that of a non-executive chairman and Pawan Goenka re-designated as the MD and CEO with effect from April 1, 2020.
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In an address to the employees of Mahindra & Mahindra, Anand Mahindra explained the change of guard at the conglomerate and assured of a smooth transition.
Mahindra elucidated why he was stepping down after the end of this fiscal and not the year after, as earlier planned.
“I would normally have stepped down in April 20-21, but the Securities and Exchange Board of India (SEBI) has mandated that the top 500 listed companies in India must have a Non-Executive Chairman from April 2020,” he said.
Mahindra thanked Rajeev Dubey, the current Group President of HR and Corporate Services, and also the President of the automotive sector, Rajan Wadhera, who are set to retire in April 2020.
“April 2020 we will also see the retirement of two of our top leadership stalwarts Rajeev Dubey and Rajan Wadhera. They have led from the front and on behalf of all of us I want to thank them for leading the group to new heights of achievement through the vision, the wisdom and the dedication they brought to their work,” Mahindra said.
Pawan Goenka has been re-designated as the MD and CEO with effect from April 1, 2020 and will retire on April 1, 2021, the company said in a statement. He will be succeeded by Anish Shah, who has been as a chief financial officer (CFO) until April 2021.
“A year later in April 2021 Dr. Pawan Goenka also will retire. We are going to miss them all, but room at the top naturally leads to exciting new appointments. I am sure you have all seen the organizational announcement circular by now. In April 2020 Anish Shah, Rajesh Jejurikar and CP Gurnani will be elevated to the M&M board as detailed in the circular,” Mahindra said.
Mahindra expressed optimism in the new leadership which will take over from the current crop.
Addressing the M&M workforce he said, “Under Anish Shah’s strong and steady stewardship, your company will do well even as it continues to do good in the communities in which we operate, both in India and around the world. Pawan is looking forward to hand-holding and mentoring the new leadership team during the period of transition. On behalf of us all I want to wish the new leaders a great success in their future roles.”
Anand Mahindra, in his distinct style, also assured the workers that he would be very much available and play an active role in the company going forward.
“In my new role, I clearly 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. Internal audit will continue to report to me and I will continue to exercise oversight through the board,” he said.
First Published: Dec 20, 2019 8:38 PM IST