Before this Indian multinational car manufacturer, Mahindra & Mahindra announced that its Executive Chairperson Anand Mahindra would step down on April 1, 2020.
M&M, in an exchange filing, said that its board had requested Anand Mahindra to continue as the Executive Chairman till his original term of appointment as approved by the shareholders of the company.
Anand Mahindra will continue as the Executive Chairman of Mahindra & Mahindra Ltd (M&M) till 11 November 2021, the company announced on Saturday. Pawan Goenka and Anish Shah would continue to report to Anand Mahindra, M&M said in a regulatory filing.
The development came after markets regulator Sebi deferred by two years till April 2022 it's directive for companies to split posts of chairman and managing director.
M&M, in an exchange filing, said that its board and governance, nomination and remuneration committee (GNRC) had "unanimously" requested Anand Mahindra to continue as the Executive Chairman till his original term of appointment as approved by the shareholders of the company i.e. up to 11 November 2021.
"In deference to the wishes of the GNRC and Board, Anand Mahindra has acceded to the request to continue as the Executive Chairman till his original term of appointment," M&M said in a filing to the Bombay Stock Exchange.
As a result, Anand Mahindra will continue as the Executive Chairman of the company up to 11 November 2021, M&M said.
In December, the auto major had announced major changes in key leadership roles effective April 1, 2020, as part of a succession plan necessitated by the retirement of top executives over the next fifteen months.
Under the succession plan, Anand Mahindra was slated to step down from his position and become a non-executive chairman next year, effective 1 April 2020. Mahindra Group President (Strategy) Anish Shah, who joined the group nearly five years ago from GE Capital, was proposed to get additional responsibilities as the new chief executive officer (CEO) for a year, from 1 April 2020 till the end of his current term i.e. up to 11 November 2020. Meanwhile, Anish Shah was appointed as a chief financial officer (CFO) till April 2021. After April 2, 2021, he would replace Goenka to assume charge as the MD and CEO of the company for a four-year period, the company had said in its exchange filing on December 20, 2019.
As per the Sebi norms, the top 500 listed entities were mandated to comply with the requirement of separation of the roles of chairperson and managing director (MD) or chief executive officer (CEO) by April 1, 2020. Now, the date of implementation of the regulatory provision has been deferred to April 1, 2022, in wake of demand from the corporates and to keep compliance cost lower amid a slowing economy.
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