According to Times of India reports, Mahindra Group’s Chairman Anand Mahindra may step down from his current role and transition to a non-executive role over the next two quarters.
The move is seen as part of the group’s succession plan across various verticals, according to the report, which cited unnamed sources. Also, it’s in accordance with Securities and Exchange Board of India’s norms that stat
Also, it’s in accordance with the Securities and Exchange Board of India’s norms that states chairpersons of Top 500 listed companies must be a non-executive director from Apr. 1, 2020.
Anand Mahindra, along with the group’s Managing Director Pawan Goenka and Group President (human resources) Rajeev Dubey are slated to retire over the next 12-18 months. Adding that the group will announce a series of changes to various senior positions as several managers hit the age limit over the next four to six weeks.
Mr. Mahindra is the Chairman of the US $20.7 billion Mahindra Group and the Executive Chairman of Mahindra & Mahindra Ltd. His tenure has seen the Group expand domestically and internationally into a range of major industrial sectors from automobiles and agriculture to IT and aerospace.