Anand Mahindra to Transition to the Role of Non-Executive Chairman of Mahindra & Mahindra From April 1, 2020

Mumbai, December 20: In an exchange filing on Friday, Mahindra & Mahindra (M&M) informed that the board has approved the transition of Anand Mahindra's role from chairman to non-executive chairman, effective April 1, 2020. The statement further mentioned that Mahindra will continue to serve as a mentor and sounding board for the managing director, especially in the areas of strategic planning, risk mitigation and external interface

Pawan Goenka has been re-designated as the managing director and CEO till November 11, 2020. Reportedly, as per the new Sebi norms, the top 500 listed entities have to appoint a non-executive chairperson on their boards by April 1, 2020.

"Delighted to announce our leadership transition plan which reflects the group's commitment to good governance. I am grateful to the board & nominations committee for conducting a diligent and rigorous year-long process that will ensure a seamless transition," Anand Mahindra said on Twitter. Ford Motor Company and Mahindra & Mahindra Close to Signing Joint Venture Deal in India, Says Report.

Check Anand Mahindra's tweet:

The company has further appointed Anish Shah as the chief financial officer (CFO) till April 2021. Post that,  he will assume charge as the MD and CEO of the company for a three-year period. His term will end on March 31, 2025.

(The above story first appeared on LatestLY on Dec 20, 2019 03:29 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).