MUMBAI: Anand Mahindra, Executive Chairman of Mahindra & Mahindra (M&M) will step down from his post from April 1, 2020. Pawan Goenka will be re-designated as Managing Director and Chief Executive the date.
"With effect from April 1, 2020, Mahindra will transition to the role of Non-Executive Chairman of the board of Mahindra & Mahindra. This is in accordance with the Sebi guidelines," the group said in a statement on Friday.
As Non-Executive Chairman, Mahindra, 64, will serve as a mentor and sounding board for the Managing Director, especially in the areas of strategic planning, risk mitigation and external interface, the statement said.
Further, Anish Shah will transition to become Managing Director and CEO on April 2, 2021, replacing Goenka, who will retire after his term ends.
Shah will join M&M board as Deputy Managing Director and Group CFO, replacing VS Parthasarathy, the current CFO.
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.