The top industrialist Anand Mahindra announced on Friday that he will step down as executive chairman of the Mahindra & Mahindra group from April 1, 2020. He will serve as the non-executive chairman and mentor of the Mahindra & Mahindra board and will take care of strategic planning, risk mitigation and external interface after April 1,
Pawan Goenka will take over the charge as Managing Director and Chief Executive from April 1.
The decision has been taken as per the guidelines of the market regulator Security Exchange Board of India (SEBI).
The statement released by the group reads ‘with effect from April 1, 2020, Mahindra will transition to the role of Non-Executive Chairman of the board of Mahindra & Mahindra. This is in accordance with the SEBI guidelines’.
The statement says that a number of changes will take place in its top management position. Many top leaders of the group will retire in the next fifteen months.