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Keshub Mahindra to retire as Chairman of M&M; Anand Mahindra to take over
Posted on 30 May 20122,212 Views1 Comments
The Board unanimously appointed Anand Mahindra as CMD with effect from the conclusion of the forthcoming AGM
Homegrown farm equipment to aerospace major, Mahindra & Mahindra on Wednesday said its Chairman Keshub Mahindra will retire in August and his nephew Anand Mahindra will take over as Chairman and Managing Director of the $15.4 billion conglomerate.
Keshub, who informed the M&M Board about his intention to retire at the conclusion of the forthcoming Annual General Body Meeting scheduled on August 8, 2012, will become Chairman Emeritus of the firm. "The Board reluctantly acceded to the Chairman's desire but requested him to accept the position of Chairman Emeritus...," the company said in a statement. The Board unanimously appointed Anand Mahindra as CMD with effect from the conclusion of the forthcoming AGM, it added.
Keshub said: "I am deeply touched by this gesture of the Board, whose wisdom has guided me and the company over the years, and whose trust and friendship have enriched me personally. "It is gratifying to be able to hand over to the next generation at a time when the company's performance is at its best."
Paying tribute to Keshub, Anand, who is currently Vice-Chairman and Managing Director of M&M, said he has been a role model for business leaders and a true statesman.
Keshub had joined the M&M board in 1948 and was elected Chairman in 1963. During the 48 years of his chairmanship, the Mahindra Group expanded from being an automobile manufacturer to other business segments like IT, real estate, financial services and hospitality.
He played key roles in forging business alliances with global majors such as the Willys Corporation, Mitsubishi, International Harvester, United Technologies, British Telecom and many others.
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Sukhi
Isn't there a superlike tab... pls incorporate... :D
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