advertisement
Mahindra & Mahindra (M&M) on Friday, 20 December, announced a rejig of its top management with Anand Mahindra transitioning to the role of non-executive chairman from executive chairman, effective 1 April 2020.
The company has created the CEO position as it aims to implement its plans around electric mobility and capitalise on the synergies with Ford's India operations in the near future.
Anand Mahindra had taken over as the Chairman of the 20.7 billion dollar group, which has presence in sectors ranging from farm equipment to software and aerospace, in August 2012 following the retirement of his uncle Keshub Mahindra after leading the conglomerate for 45 years.
He also led the M&M group in major acquisitions both on home front and globally, including those of Ssangyong Motors, Reva Electric Car Company, Satyam Computer Services, Peugeot Motorcycles, Gippsland Aeronautics, Aerostaff Australia, Holiday Club Resorts, and Pininfarina S.p.A.
Commenting on the changes, Mahindra said, "This plan reflects M&M's depth of management talent and will ensure continuity in terms of culture, values, governance and operational effectiveness."
Goenka joined M&M as General Manager (R&D) after his stint in General Motors' R&D Centre in Detroit in 1993. He led the development of the Scorpio, the company's highly successful SUV.
He rose through the ranks to become managing director of M&M in November 2016. Prior to that he held several positions in the group's automotive sector.
Meanwhile, shares of M&M on Friday fell by nearly 1 percent on the bourses after the rejig of its top management.
At the NSE, it fell 0.85 percent to close at Rs 530.80.
In other top management changes, M&M said Anish Shah will transition to become Managing Director and CEO on 2 April 2021, replacing Goenka, who will retire after his term ends.
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)