M&M announces leadership changes in auto and farm biz
MUMBAI: Mahindra and Mahindra Ltd (M&M) on Monday announced a fresh reshuffle of its leadership team as the utility vehicle and tractor maker complies with the new rules of the Securities and Exchange Board of India (Sebi) and as senior managers attain superannuation.
While Rajan Wadhera, current president at the automotive business, will retire with effect from April 1, 2020, Veejay Nakra, who heads sales and marketing for automotive division, will be appointed as the chief executive officer (CEO) from next fiscal. “He will have operating responsibility for passenger and entire commercial vehicle businesses with P& L ( profit and l oss) accountability, except for the product development process,” M&M said in a regulatory filing on Monday.
R Velusamy will be appointed chief of global product development (automotive) from next fiscal.
Hemant Sikka, current chief purchase officer and president of power and spares business, will head the farm equipment division from April 1. Vinod Sahay, CEO of Mahindra Truck and Bus and Construction Equipment divisions, will be the chief purchase officer for M&M’S auto and farm sectors (AFS).
Nakra, Sikka, Velusamy and Sahay will report to Rajesh Jejurikar in their new roles.
Jejurikar, current president – farm equipment sector, has been appointed executive director for auto and farm sectors for four years, effective April 1, M&M said on Friday when it made the first set of announcements of its leadership transition plan.
Leading the change is executive chairman Anand Mahindra who will move to the role of nonexecutive chairman from April 1, 2020. Also, Pawan Goenka will be reappointed as the managing director next fiscal with the additional responsibility as the CEO, a newly created position that he will hold for a year until his retirement on April 1, 2021.
M&M’S group president for HR and corporate services Rajeev Dubey will also retire over the next 15 months, leading the Mumbai-based conglomerate to groom the next generation of leaders across multiple management positions.
S Durgashankar, currently president (group mergers and acquisitions, corporate accounts and secretarial) will be promoted as group controller of finance and accounts. “He will work closely with the CFOS of all group businesses to ensure appropriate controls and governance and will continue to oversee Secretarial. He will report to Anish Shah,” M&M said in a statement on Monday.
Rajeev Goyal will become CFO of auto and farm sectors while Rajeshwar Tripathi, human resources head at M&M’S auto division will become chief HR officer for AFS.
M&M said the appointments have been approved under the guidance of the governance, nomination and remuneration committee led by MM Murugappan.