Anand Mahindra stepped down as the Chairman of the Mahindra Group. He is now designated as the Non-Executive Chairman of the company. Pawan Kumar Goenka, currently the MD, will take over as both MD as well as Executive Chairman. The Board of Directors approved the decision in December 2019. Yet, the re-designations are effective from the beginning of the next financial year, that is, from April 1, 2020.
Joining Goenka in the reshuffle is Anish Shah, who will become Mahindra's new CFO. His appointment also commences at the same time. Mahindra Group's decision comes in the wake of Tata Group reappointing Cyrus Mistry. The latter appointment was mire in controversy. Tata's appointing of Mistry's predecessor was unconstitutional. The events led to some unease in the financial and public sector community.
Mahindra's s reshuffle, however, is not expected to disturb the financial status quo. Mahindra's reputation has been one of stability. The appointments were also expected for a long time. The company's value has not fallen and it appears to be on a financially sound footing.