Over the next fifteen months, a number of key leaders at Mahindra & Mahindra Ltd. will be retiring. In light of that, and in pursuance of the highest standards of corporate governance, over the past one year the Governance, Nomination & Remuneration Committee (GNRC) of the Board has completed a structured and rigorous review of top management succession, which has now been ratified by the Board of Directors. These changes include the following:
With effect from 1st April 2020, Mr. Anand Mahindra will transition to the role of Non-Executive Chairman of the Board of Mahindra & Mahindra Ltd. This is in accordance with the SEBI guidelines. This will further enhance the independence of the Board.
As Non-Executive Chairman, Mr. Mahindra will serve as a mentor and sounding board for the Managing Director on issues to be presented to the Board, especially in the areas of strategic planning, risk mitigation and external interface. In addition, he will be available to provide feedback and counsel to the Managing Director on key issues facing the enterprise.
Announcing these changes, Mr. Anand Mahindra (Chairman, Mahindra Group) said “This plan reflects M&M’s depth of management talent and will ensure continuity in terms of culture, values, governance and operational effectiveness. In my new role, I see myself as the conscience keeper of the Mahindra Group, as the custodian of its values and the watchdog of the interests of its shareholders. Internal audit will continue to report to me. I will continue to exercise oversight through the Board”.
Speaking on behalf of the Governance, Nomination & Remuneration Committee (GNRC) of the Board of Directors of M&M Ltd., Mr. M. M. Murugappan (GNRC Chairman) said “The GNRC interviewed internal candidates and also considered the prospect of external candidates. This thorough and rigorous process reflects the highest standards of corporate governance. We are confident that the new leadership team is well equipped to perpetuate the Mahindra Rise culture and values while ensuring rapid and profitable growth”.