Mahindra & Mahindra Financial Services Ltd (Mahindra Finance) today announced the appointment of Dhananjay Mungale, Independent Director, as the Chairman and Ramesh Iyer, Managing Director, as the Vice-Chairman of the Board of Directors of the company, designated as Vice-Chairman & Managing Director, with immediate effect.

Dhananjay Mungale has been a member of the board of Mahindra Finance since March 1, 1999, and was also Chairman of the Audit Committee of the board from October 27, 2008, till date.

Mungale is a member of the Institute of Chartered Accountants of India and has a Bachelor's Degree in Commerce and Law from Mumbai University. He has spent a major part of his career in corporate and investment banking in India and Europe, with Bank of America and DSP Merrill Lynch Ltd. Currently he is an advisor to select corporations in both, India and Europe. He is on the board of various public and private limited companies. He is a member of the governing board of The United World Colleges Committee (India).

Ramesh Iyer has been associated with the company since 1995 and was promoted to the position of Chief Executive Officer in May 1999. Iyer was then elevated as Managing Director with effect from April 30, 2001.

Iyer is the President-Financial Services Sector and Member of the Group Executive Board of Mahindra & Mahindra Ltd (M&M), the holding company and on the boards of various Mahindra group companies.

Iyer is a Member of the Banking & Finance Committee of the Bombay Chamber of Commerce and Industry, the Core Committee of the Finance Industry Development Council (FIDC) and the Task Force of NBFCs of the Federation of Indian Chambers of Commerce and Industry (FICCI). He is also the Co-Chairman of the Group on Finance & Leasing and Insurance of the Council of Economic Affairs, set up by the Society of Indian Automobile Manufacturers (SIAM).

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