Mahindra announces succession plan, Wadhera to step down

Mahindra and Mahindra on Monday announced the succession plan for its top executives. The auto major said Rajan Wadhera will retire and step down from his executive role as President Auto Sector.

The company said in a regulatory filing that S. Durgashankar will have an "enhanced role" 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," the company said.

Hemant Sikka will Head the Farm Equipment Sector. Veejay Nakra will be appointed CEO of Auto Division and will have operating responsibility for PV and entire CV business with P&L accountability, except for the Product Development Process.

R. Velusamy will be appointed Chief of Global Product Development (Automotive). Vinod Sahay will be appointed as Chief Purchase Officer of AFS.

Sikka, Nakra, Velusamy and Sahay will report to Rajesh Jejurikar. Rajeev Goyal will be appointed as CFO of AFS. He will have dual reporting to Rajesh Jejurikar and Durgashankar.

Rajeshwar Tripathi will be the Chief Human Resources Officer for AFS. He will have dual reporting to Rajesh Jejurikar and Ruzbeh Irani.

The Agri business headed by Ashok Sharma will move from AFS and report to S.P. Shukla, who will also continue to head the Aerospace, Defence and Steel Sector, reporting to Anish Shah.

This is after it was announced that Anand Mahindra will step down as the Executive Chairman of the board but will continue as Non-Executive Chairman of the Board of Mahindra & Mahindra Ltd. with effect from April 1, 2020.

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Besides it said that Pawan Goenka will be re-designated as MD and CEO with effect from April 1, 2020, till his retirement a year later.