Comments
Auto major Mahindra & Mahindra has said its President for Automotive and Farm Equipment sectors Mr Pawan Goenka has been appointed as the Chairman of the newly acquired Korean firm SsangYong Motor Co.
In a statement today, the company said a meeting of the newly appointed board of SsangYong Motor Co has approved Mr Goenka’s appointment as its Chairman.
“This is in furtherance to M&M announcing that it has completed all formalities related to the acquisition of a majority stake in SMC,” the statement said.
SsangYong Motor’s new CEO is Mr Yoo Il Lee and Mr Dilip Sundaram from M&M has been appointed as the Korean firm’s new CFO.
The newly appointed board has three independent directors, which includes ex-Renault Vice-President and CFO Mr Thierry Moulonguet, Korea’s former Ambassador-at-large for Economic Affairs, Mr Kim Kihwan, and the Dean of Ehwa Women’s University College of Business, Mr Suk Suh Yoon.
Besides, SsangYong Motor will be represented on its board by the new CEO Mr Lee, while M&M Executive Director and Group CFO Mr Bharat Doshi is the other member of the board, apart from MR Goenka himself.
On Tuesday Mahindra, which emerged as the preferred bidder for SsangYong in August 2010, said it has completed all processes to acquire 70 per cent stake in SsangYong Motor, for which it has shelled out USD 463 million (about Rs 2,105 crore).
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.