Rajesh Jejurikar joins Mahindra board as Executive Director amid management successions
Anand Mahindra will be stepping down as the company's Executive Chairman on April 1, 2020, and will be assuming the role of Non-Executive Chairman of the Board
Mahindra & Mahindra has announced key successions which will take place as several top leaders are set to retire over the next fifteen months.
From April 1, 2020, Anand Mahindra will be stepping down as Executive Chairman of the company and will be assuming the role of Non-Executive Chairman of the Board. As Non-Executive Chairman, Mahindra will serve as a mentor to the Managing Director on issues to be presented to the Board, especially in the areas of strategic planning, risk mitigation and external interface. In addition, he will be available to provide feedback and counsel to the Managing Director on key issues facing the enterprise
Dr Pawan Goenka has been named as Managing Director and CEO with effect from 1st April 2020. There will be no change in reporting relationships as a result of this re-designation. Dr Goenka will retire on 1st April 2021 after which Dr Anish Shah will assume the role of Managing Director and CEO on 2nd April 2021 with full oversight of all Group businesses, in two phases:
- On 1st April 2020, he will join the M&M Board as Deputy Managing Director and Group CFO, with responsibility for the Group Corporate Office and full oversight of all business Sectors of the Group other than Auto and Farm Sectors (AFS). He will have direct accountability to the Board for his non-AFS responsibilities.
- On 2nd April 2021, he will be appointed as Managing Director and CEO.
Rajesh Jejurikar will join the Board as Executive Director (Auto and Farm Sectors) on April 1, 2020, with direct operational responsibility and accountability for the Sectors. He will report to Dr Goenka for the transition year and then report to Dr Anish Shah from 2nd April 2021 onwards.
Also, C.P. Gurnani, Managing Director & CEO of Tech Mahindra Ltd. will join the M&M Board as a non-executive Director on Arpil1 2020.
Ruzbeh Irani will head Group HR & Communications, which includes CSR, Ethics and CIS. V. S. Parthasarathy will head the Mobility Services Sector, which is a new Sector being created by combining the After-Market Sector, Mahindra Logistics and Auto-Mobility Services. Parthasarathy and Irani will report to Dr Anish Shah.
Announcing these changes, Anand Mahindra, Chairman, Mahindra Group said, “This plan reflects M&M’s depth of management talent and will ensure continuity in terms of culture, values, governance and operational effectiveness. 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”.
Speaking on behalf of the Governance, Nomination & Remuneration Committee (GNRC) of the Board of Directors of M&M Ltd.,M. M. Murugappan (GNRC Chairman) said “The GNRC interviewed internal candidates and also considered the prospect of external candidates. This thorough and rigorous process reflects the highest standards of corporate governance. We are confident that the new leadership team is well equipped to perpetuate the Mahindra Rise culture and values while ensuring rapid and profitable growth”.
There will be further changes, both at the Group Corporate Office and Auto and Farm Sectors. These changes will be announced on 23rd December 2019.
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