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| Mahindra Group announces changes in Senior Management | |||
| 1 Dec 2009
, Mumbai
: Over the years the Mahindra Group has evolved into a ‘Federation’ of autonomous businesses united by a common Core Purpose and a set of Core Values. These, along with unique management processes, have enabled them to consistently extract synergies between their business units while creating significant value for each of them individually. The proprietary processes that have been deployed over the years in order to harvest synergies include the Mahindra Annual Planning Cycle, the Group Talent Management Process, the Strategy and Operations War-Rooms, among others. A key feature of the Group management architecture is the Group Management Board (GMB), which was established in 1997 and comprises the Vice Chairman & Managing Director along with the Sector Presidents and functional leadership at the Corporate Centre. Today, the GMB has members representing the Corporate Centre and eight Sectors. The GMB meets once a month, and its agenda has evolved from initially being fairly expansive to currently being focused on the sharing of macro economic data and the exploitation of inter-sectoral synergies. Since 1997, the Group has grown exponentially, not only in terms of its revenues but also in terms of its human resources and the spectrum of its businesses. Consequent to that growth, a strong need was felt to enhance and update the Group Management Board concept so as to retain its effectiveness in creating extraordinary value for the ‘Federation’. The path of ‘clean sheet redesign’ was chosen and arising from that exercise it has been decided that an entirely new body, termed the Group Executive Board (GEB), will replace the GMB with effect from 1st April 2010. With the senior retirements anticipated on 31st March 2010, the GMB would have been made up of eight individuals. The Group Executive Board will comprise fifteen individuals in addition to the membership of the erstwhile GMB, making a total membership of twenty-three. The names and designations of these prospective Members are given in Annexure 1. It is expected that with the wider participation in this Board, the Group will set in motion a process that is more suited to creating alignment and exploiting synergies at both strategic and operational levels, thus creating business value in a vastly expanded set of businesses. Unlike the GMB, the GEB membership is not restricted to Presidents but also includes representatives of the Group’s next generation of leadership, thus highlighting the depth of their human capital. The size and composition of the Board will change when circumstances so dictate, and hence it is hoped that membership of the GEB will serve as an aspiration for future generations of Group leadership. (Names and designations of prospective members are in the attached annexure). Additional changes in Senior Management: Success in a highly competitive market depends on how well synergies are leveraged while ensuring a sharp business focus and continued customer centricity in global markets. Hence, the Mahindra Group has announced several additional changes in Senior Management effective April 1, 2010. A. The Automotive and Farm Equipment Sectors are being re-organised into three profit centers, and two integrated key processes each headed by a Chief Executive. The three Profit Centre Heads are: Mr. Bishwambhar Mishra will continue to head the business of Swaraj Division of FES as “Chief Executive Officer – Swaraj Division (Farm Equipment Sector Mr. Gautam Nagwekar will be designated “Chief Executive – Mahindra Division (Farm Equipment Sector)”. Mr. Rajesh Jejurikar will be designated “Chief Executive – Automotive Division (Automotive Sector)”. The two integrated key process heads are: Mr. Pravin Shah will be designated “Chief Executive – International Operations (Automotive and Farm Equipment)” Mr. Rajen Wadhera will be designated “Chief Executive – Technology, Product Development and Sourcing (Automotive and Farm Equipment)” B. The Infrastructure Development Sector will be restructured into two Sectors: The Hospitality Sector – comprising of Mahindra Holidays & Resorts India Limited (MHRIL) and its subsidiaries, will report to Mr. Ramesh Ramanathan who will be designated Managing Director – MHRIL & CEO Hospitality Sector The Real Estate Sector – Comprising Mahindra Lifespace Developers Limited (MLDL) and C. Other Changes at the Corporate Centre: Mr. Uday Phadke, President- Finance, Legal & Financial Services Sector will have additional responsibilities to oversee the M&A and Secretarial functions. About The Mahindra Group Mahindra embarked on its journey in 1945 by assembling the Willys Jeep in India and is now a US $6.3 billion Indian multinational. It employs over 1,00,000 people across the globe and enjoys a leadership position in utility vehicles, tractors and information technology, with a significant and growing presence in financial services, tourism, infrastructure development, trade and logistics. The Mahindra Group today is an embodiment of global excellence and enjoys a strong corporate brand image. Mahindra is the only Indian company among the top tractor brands in the world and has made an entry in the two-wheeler segment, which will see the company emerge as a full-range player with a presence in almost every segment of the automobile industry. The Mahindra Group recently expanded its IT portfolio when Tech Mahindra acquired the leading global business and information technology services company, Satyam Computer Services. The company is now known as Mahindra Satyam. Mahindra's Farm Equipment Sector is the proud recipient of the Japan Quality Medal, the only tractor company worldwide to be bestowed this honour. It also holds the distinction of being the only tractor company worldwide to win the Deming Prize. The US based Reputation Institute recently ranked Mahindra among the top 10 Indian companies in its Global 200: The World's Best Corporate Reputations list. Mahindra is also one of the few Indian companies to receive an A+ GRI checked rating for its first Sustainability Report for the year 2007-08. |
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