Mahindra & Mahindra (M&M) on Friday announced a rejig of its top management with Anand Mahindra, 64, transiting to the role of non-executive chairman from executive chairman, effective 1 April, 2020.
The company in a regulatory filing said that the organisation's Governance, Nomination and Remuneration Committee (GNRC) had undertaken a "succession-planning program".
Based on its recommendations, the Board of Directors approved several decisions including the transition of Mahindra into the role of Non-Executive Chairman with effect from April 1, 2020 and his re-designation as a Non-Executive Chairman from the beginning of April 2020.
Mahindra also took to Twitter to announce the same.
"Delighted to announce our leadership transition plan which reflects the Group’s commitment to good governance," he wrote.
There were other restructuring moves taken too.
Dr. Pawan Kumar Goenka will, from April 1, 2020, become the Chief Executive Officer. He will hold this position until his term ends on November 11. Following that, he will be re-appointed as the MD and CEO of the company until April 1, 2021.
The company 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.
The Board also decided to appoint Dr. Anish Shah as the CFO as well as an Additional Director of the company starting from April next year.
(With inputs from agencies)
