New appointments finalised under the guidance of the Governance, Nomination & Remuneration Committee of the Board, and designed to maintain continuity in change
Mahindra & Mahindra Ltd (M&M) today announced additional changes to its Group Corporate Office (GCO), as well as its Auto & Farm sectors. These changes are in addition to the announcements made last week on a number of top management positions over the next 15 months, due to the retirement of key leaders.
At the GCO, S Durgashankar will have an enhanced role as Group Controller of Finance and Accounts, effective 1 April 2020. In his new role, he will work closely with the CFOs of all Group businesses to ensure appropriate controls and governance, while continuing to oversee Secretarial. Durgashankar will report to Dr Anish Shah.
The Auto and Farm Sectors (AFS) will see numerous changes, effective 1 April 2020, with the primary one being the retirement of Rajan Wadhera, and his stepping down from his executive role as President Auto Sector. Subsequently, Hemant Sikka will Head the Farm Equipment Sector. Meanwhile, Veejay Nakra will be appointed CEO of the Auto Division, with operating responsibility for PV and entire CV business with P&L accountability, except for the Product Development Process. R Velusamy will be appointed Chief of Global Product Development (Automotive), and Vinod Sahay will be appointed as Chief Purchase Officer of AFS. Sikka, Nakra, Velusamy and Sahay will all report to Rajesh Jejurikar.
Rajeev Goyal will be appointed as CFO of AFS, and will have dual reporting to Rajesh Jejurikar and Durgashankar. Also, Rajeshwar Tripathi will be the Chief Human Resources Officer for AFS, with dual reporting to Rajesh Jejurikar and Ruzbeh Irani.
The Agri business, which is being headed by Ashok Sharma will move from AFS and report to SP Shukla, who will also continue to head the Aerospace, Defence and Steel Sector, reporting to Dr Shah.
The above appointments have been finalised under the guidance of the Governance, Nomination & Remuneration Committee of the Board, and are designed to maintain continuity in change. They are also aimed at ensuring a smooth transition and maintaining the highest standards of corporate governance, the company noted.
The previous announcements included Anand Mahindra, currently Chairman, Mahindra Group, transitioning to the role of Non-Executive Chairman of the Board of M&M, effective 1 April 2020. Dr Pawan Goenka will be re-designated as Managing Director and CEO with effect from 1 April 2020, and will retire on 1 April 2021. This will be followed by Dr Anish Shah transitioning to becoming Managing Director and CEO of M&M on 2 April 2021, with full oversight of all Group businesses. Further changes are being made at the Group Corporate Office, and Auto and Farm Sectors, announcements for which will be made on 23 December 2019. More details here