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.
Goenka will retire on April 1, 2021, the company said in a statement. He will be succeeded by Anish Shah, who has been as chief financial officer (CFO) until April 2021.
Previously, Shah was Group President (Strategy) for the Mahindra Group and a member of the group executive board.
A number of leaders at M&M will retire over the next fifteen months, the company said. Anand Mahindra's transition is in accordance with the guidelines of market regulator Sebi, it said.
VS Parthasarathy will step down as CFO on April 1, 2020. Parthasarathy will head the Mobility Services Sector, which is a new Sector being created by combining the After-Market Sector, Mahindra Logistics and Auto Mobility Services.
The board also approved the appointment of Rajesh Jejurikar, currently President — Farm Equipment Sector, as Executive Director (Auto and Farm Sectors), with direct operational responsibility and accountability for the Sectors, the company said.
On April 1, 2020, CP Gurnani, Managing Director and CEO of Tech Mahindra Ltd. will join the M&M Board as a non-executive Director, M&M said.