Anand Mahindra to step down as Executive Chairman of Mahindra Group in April 2020

In a major business decision, Mahindra chairperson 63-year old Anand Mahindra is set to step down as group chairman from 1 April 2020, according to a statement released on Friday. The statement released by the group has named Dr. Pawan Goenka as the Managing Director and CEO from April 2020 till Dr. Anish Shah will transition to become Managing Director and CEO on  2 April 2021 for a three year period. Shah was previously Group President (Strategy) for the Mahindra Group and a member of the group executive board.

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Anand Mahindra steps down as group chairman

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Key management shuffle

The press statement states that Mahindra will be one of the key leaders stepping down in the next fifteen months. Mahindra will also transition to the role of Non-Executive Chairman of the Board of Mahindra & Mahindra Ltd according to SEBI guidelines. The board has ratified this decision to review the top management succession according to the Governance, Nomination & Remuneration Committee (GNRC) which has been reviewing the process for the past year. Several other key changes of the top management to the various companies of the group have also been announced.

Here is the press release:

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Mahindra's journey

Anand Mahindra joined the Mahindra Group as  Executive Assistant to the Finance Director of Mahindra Ugine Steel Company Ltd (MUSCO)  in 198. He soon rose up to become the President and Deputy Managing Director of the MUSCO in 1989. Later, in 1991 he took over as the Deputy Managing Director of Mahindra & Mahindra Ltd - the vehicle sector of the group.

Taking on a bigger role, he took over as the Chairman of the board and Managing Director of the Mahindra Group from his uncle Keshub Mahindra in 2012 and was re-designated as Executive Chairman of Mahindra & Mahindra Ltd in 2016. The Mahindra Group which is one of India's top industrial houses and India's leading automobile companies was elevated from a mere jeep and truck producing firm to a multi-national entity with Utility Vehicles (UVs), Multi Utility Vehicles (MUVs) and Sports Utility Vehicles (SUVs), single-handedly by Mahindra.

Mahindra who also became co-promoter of Kotak Mahindra Finance Ltd in 2003 has powered Mahindra group to its current net worth of $ 11.1 billion. Apart from his business acumen, Mahindra is most known for his philanthropy and support for innovation and start-ups. In recent years, he is also known for his witty and interesting social media posts and interactions. 

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