Mahindra & Mahindra (M&M) on Friday announced that Anand Mahindra will transition to the role of non-executive chairman from November 12.
Anand Mahindra is currently the executive chairman of the farm equipment & utility vehicles firm.
In December 2019, M&M had announced major changes to its leadership roles with effect from April 1, 2020 as part of a succession plan.
Under this plan, Anand Mahindra was slated to be a non-executive chairman from April 1, 2020. But after market regulator Sebi postponed the deadline for separation of chairman and managing director roles to April 2022, this plan was deferred.
Subsequently, M&M disclosed that after a request made by its governance, nomination and remuneration committee (GNRC) and the board of directors, Anand Mahindra decided to continue as the executive chairman till his original term of appointment as approved by the shareholders of the company-up to November 11, 2021.
M&M said in a regulatory filing on Friday that Anand Mahindra will transition to the role of non-executive chairman from November, subject to approval of shareholders at the forthcoming annual general meeting on August 6. While the shareholders meeting will also approve the remuneration to Anand Mahindra, he will be liable to retire by rotation.
