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Mahindra & Mahindra Limited (M&M) on Monday said that VS Parthasarathy, President - Mobility Services Sector and Member of the Group Executive Board, has decided to leave the Group effective close of April 1, 2021. Anish Shah, who is designated to take over as the Managing Director and CEO of M&M Ltd. from April 2, 2021, will also serve as the Chairman of the Board of Mahindra Logistics Ltd (MLL).
The mobility services sector continues to be a high priority growth opportunity for the Group, the company said in a regulatory filing. In the logistics sector that is poised for exponential growth, Mahindra Logistics is in pole position given its 3PL capabilities and its cross sectorial spread. The platform-based business model of Mahindra First Choice Wheels promises to re-shape the aftermarket sector and these businesses will contribute significantly to the growth and the valuation of the Mahindra Group, it said.
“In view of its strategic importance, Anish Shah, who is the Deputy Managing Director and Group CFO of M&M Ltd., and is designated to take over as the Managing Director and CEO of M&M Ltd. from April 2, 2021, will take additional charge of overseeing the Mobility Services Sector directly,” the company said.
Consequent to his decision to leave the Mahindra Group, Parthasarathy will resign from the Board of Mahindra Logistics Ltd. Parthasarathy dedicated more than two decades of his professional career to M&M. He has over three decades of experience across diverse functions – HR, Finance, M&A, IT and international operations. “He is best known for his role as the Group CFO from 2013 – 2020. He is a much awarded professional, thought leader, and votary of transformational changes,” the filing said.
“I look forward to the next stint with the tail winds of support and blessings from the Mahindra family,” said Parthasarathy.
Commenting on the change, Anand Mahindra said, “Partha is a multi-faceted personality with varied interests. He has contributed significantly to the Mahindra Group in many diverse roles. I wish him well and am confident that he will leverage his rich professional experience to continue to make a real difference and leave his mark on India Inc and Indian society. I have no doubt that Anish will steer the Mobility Services Sector and MLL to greater heights.”
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