New Delhi: Mahindra & Mahindra (M&M) Group Chairman Anand Mahindra will step down as the head of the company from April next year and will become the non-executive chairman. According to the announcement made by the company on Friday, Anand will cease to be the head of the Mahindra Group from 1 April 2020. In the information given to the stock exchanges, the company has said that after this, the company's MD Pawan Goenka will hold the additional charge of the post till his term till 11 November 2020.

It is noteworthy that in August 2012, Anand Mahindra was appointed as the Chairman and MD of the Mahindra Group. Subsequently, in November 2016, he was appointed as Executive Chairman of Mahindra & Mahindra Limited. He was also the co-promoter of Kotak Mahindra Bank. The company has said in a statement that, according to the succession plan prepared by the Governance, Nomination and Reunification Committee (GNRC), from April 1, 2020, Anand Mahindra will take over as the non-executive chairman and his new designation Will apply from this date.

Apart from this, the company has appointed Anish Shah as Chief Financial Officer (CFO) till April 2021. After April 2, 2021, he will become the MD and CEO of the company in place of Goenka, a term he will hold for four years. His term will be till 31 March 2025.

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