M&M announces succession plan, Wadhera to step down

Homegrown auto major Mahindra & Mahindra (M&M) on Monday announced a rejig of its top management in automotive and farm equipment sectors with its President for auto vertical Rajan Wadhera set to retire and step down from executive role.

Announcing changes in the group corporate office as well as in auto and farm sectors, to be effective from April 1, 2020, the company said Veejay Nakra will be appointed as CEO of the auto division.

He will have operating responsibility for passenger vehicles and entire commercial business with profit and loss accountability, except for product development process, M&M said in a statement.

It further said Hemant Sikka will head the farm equipment sector, while R Velusamy will be appointed as the chief of Global Product Development (Automotive) and Vinod Sahay as Chief Purchase Officer of AFS (auto and farm sectors).

Nakra, Sikka, Velusamy and Sahay will report to Rajesh

Jejurikar, who will join M&M Board as Executive Director AFS from April 1, 2020, it said.

M&M said Rajeev Goyal will be appointed as CFO of AFS. He will have dual reporting to Jejurikar and S Durgashankar, who will have an enhanced role as Group Controller of Finance and Accounts working closely with CFOs of all group businesses.

The company further said its agri business 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 Anish Shah, who will transition to become Managing Director and CEO on April 2, 2021.