Anand Mahindra signals change as key aide retires
There is a whiff of change in the house of Mahindras, where steps may be afoot for senior-level management changes signalling a new era, similar to the events in the Tatas. HT reports. The old order changethbusiness Updated: May 31, 2013 01:48 IST
There is a whiff of change in the house of Mahindras, where steps may be afoot for senior-level management changes signalling a new era, similar to the events in the Tatas, where the exit of Ratan Tata and the induction of Cyrus Mistry led to a new executive council.
Anand Mahindra, 58, took over as chairman in August last year, may be getting a fresh new team to run the automobile-led group and a key signal came on Thursday as Mahindra and Mahindra ( M&M) saw the departure of an iconic figure.
After a stint spanning over four decades, chief financial officer of the Mahindra Group, Bharat Doshi, has decided to step down in November this year, advancing his retirement by 18 months. Mahindra has not announced a successor yet. Industry watchers say this could be a precursor to a younger, vibrant set of executives raising their profiles in the group.
“Mahindra has grown at a breakneck speed in the last few years but it will need to keep innovating to sustain the momentum. A new CFO in charge can do just that,” said an analyst who has client relations with the group.
Doshi, who will turn 64 next month, joined the $16.2 billion (R8,74,800 crore) conglomerate back in 1973 and has requested the company to relieve him of his duties in 6 months as he wanted to devote more time to his personal life. He became the group CFO in 2007 and was due to retire in March 2015.
“It does not herald a change of guard in a big way but it will be a significant change nevertheless,” the analyst said.
Doshi will also make a transition from an executive role in the board of directors to a non-executive one and will continue to be the chairman of Mahindra Finance and Mahindra Intertrade and will be on the boards of various Group Companies.
Doshi has been instrumental in Mahindra’s transformation as a predominantly automotive company in the 70s to a conglomerate that operates in sectors including aerospace, defence, financial services, real esatate, consulting services and agriculture.