On this Friday, Mahindra & Mahindra reorganized their top management. M&M’s governance, nomination and remuneration committee (GNRC) undertook to board and senior-level management restructuring. Here are important changes this conglomerate did in its board:
- After leading a $20.7 bn group for 45 years, Anand Mahindra will be a non-executive chairman from the executive chairman with effect from 1st April 2020.
- Existing group president Anish Shah, strategy at M&M, is more likely to replace Goenka who will retire after his term ends on 1st April 2021.
- Anish who also took over the role CFO (Chief Financial Officer) from 1st April 2020 for a year, replacing VS Parthasarathy, current CFO, will be leading from the front as MD and CEO at M&M for a 4-year term starting from April 2021.
- Parthasarathy is more likely to move to a new sector of M&M and head the vertical. He’s more likely to head the mobility services sector, a new sector being created by combining the after-market sector, Mahindra Logistics & Auto Mobility Services.
- Rajesh Jejurikar, current president – farm equipment sector has been appointed as the executive director for automotive and farm sectors for 4 years starting from 1st 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 India’s operations in the coming time.
Commenting on the changes, Mahindra said: “The plan reflects M&M’s depth of management talent and will ensure the community in terms of culture, values, governance and operational effectiveness.” Adding further to it he said, “In my new role, I 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. An internal audit will continue to report to me. I will continue to exercise oversight through the Board.”
