M&M announces board succession plan; Anand Mahindra to be non-executive chairman

Mahindra & Mahindra (M&M) on Friday announced a rejig of its top management with Anand Mahindra, 64, transitioning to the role of non-executive chairman from executive chairman, effective April 1, 2020.

In a statement, the firm said Pawan Kumar Goenka has been re-appointed as the managing director with additional responsibilities of chief executive officer (CEO) for a year, effective April 1, 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 USD 20.7 billion 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.

During his tenure, the group went for expansion in both domestic and international markets in various sectors, including automobiles and agriculture to IT and aerospace.

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."
He further 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. Internal audit will continue to report to me. I will continue to exercise oversight through the Board."