Mahindra & Mahindra Ltd on Friday appointed sh Shah as the Managing Director and Chief Executive Officer from April 2.
He is currently the Deputy MD and Group Chief Financial Officer.
Pawan Goenka will retire as the MD and CEO, and member of the board of directors from April 2. In his role, he led the automobile and farm equipment sectors.
Executive Director Rajesh Jejurikar will take full charge of these sectors and report to Shah. This follows a top management succession plan announced last year by M&M on December 20.
When Anand Mahindra becomes Non-Executive Chairman in November, Shah will become the first professional MD and CEO in the history of the Mahindra Group to have complete oversight of and responsibility for the Mahindra Group businesses, the company said in a statement.
"On behalf of the board, I salute the work accomplished by Pawan throughout his 27-year career in the company, which has resulted in its strong growth," said Anand Mahindra, the group's Chairman.
"My gratitude to him for making the transition as smooth and seamless as possible throughout the last year," he said in a statement.
The 19.4 billion dollar Mahindra Group has presence in agri-business, aerospace, commercial vehicles, components, defence, logistics, real estate, renewable energy, speedboats and steel among other businesses. It employs over 2.56 lakh people across 100 countries.
( With inputs from ANI )
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