The board of directors of Mahindra and Mahindra Ltd (M&M) has elevated current chairman & managing director Anand Mahindra as the company’s executive chairman.
Executive director Dr. Pawan Goenka has been elevated to the position of managing director. Dr. Goenka will continue to report to Mr. Mahindra and the Board. “This is in line with the practice followed by companies across the Mahindra Group, where the position of Managing Director or CEO is distinct from that of the Chairman,” M&M said in a statement after its Board met.
As executive chairman, Mr. Mahindra will continue to oversee and be responsible for shaping the growth strategies of the company and its investments portfolio.
The organisation structures and processes in M&M and in the Group have already been aligned with this change over the past one year and there will be no change in the reporting relationships of the Group presidents or presidents who head the other sectors or functions of the Group, M&M said.
Meanwhile, M&M has reported a 29 per cent growth in net profit at Rs.1253 crore for the second quarter ended September 30, 2016 on revenues of Rs.12,049 crore, up 18 per cent as compared to the same period last year. In the quarter the company sold 1.15 lakh vehicles, up 11.6 per cent.