Ramesh Iyer, managing director (MD) at Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), has been re-designated as vice-chairman and managing director of the Board of Directors at financial sector arm of M&M group.
Iyer was appointed as chief executive officer in May 1999 and then elevated as managing director of from April 30, 2001, Mahindra Finance said in statement.
Meanwhile, Dhananjay Mungale, independent director, will be the new chairman at the finance company. Mungale has been on Board of Mahindra Finance since March 1999.
Mungale succeeds Bharat Doshi, former group chief financial officer at M&M. Doshi was recently appointed as director on the central board of Reserve Bank of India.
Mahindra Finance board consists of nine directors vested with the charge of general supervision, direction and management of the operations of our company.
The primary responsibilities of the Board include overseeing high standards of corporate governance, compliance with various laws and overseeing financial management and approving various lines of business.