Mahindra & Mahindra
said its Chairman Keshub Mahindra will retire in August and his nephew Anand Mahindra will take over as Chairman and Managing Director of the $15.4 billion conglomerate.
Keshub, who informed the M&M Board
about his intention to retire at the conclusion of the forthcoming Annual General Body Meeting scheduled on August 8, 2012, will become Chairman Emeritus of the firm.
"The Board reluctantly acceded to the Chairman's desire but requested him to accept the position of Chairman Emeritus...," the company said in a statement.
The Board unanimously appointed Anand Mahindra
as CMD with effect from the conclusion of the forthcoming AGM, it added.
Keshub said: "I am deeply touched by this gesture of the Board, whose wisdom has guided me and the company over the years, and whose trust and friendship have enriched me personally. It is gratifying to be able to hand over to the next generation at a time when the company's performance is at its best."
Paying tribute to Keshub, Anand, who is currently Vice-Chairman and Managing Director of M&M, said he has been a role model for business leaders and a true statesman.
Keshub had joined the M&M board in 1948 and was elected Chairman in 1963. During the 48 years of his chairmanship, the Mahindra Group expanded from being an automobile manufacturer to other business segments
, real estate, financial services and hospitality.
He played key roles in forging business alliances with global majors such as the Willys Corporation, Mitsubishi, International Harvester, United Technologies, British Telecom and many others.
Keshub had also served on a large number of Boards and Councils in both private and public domain. He was the founder Chairman of HUDCO, and also served on many corporate boards, including SAIL, Tata Steel, Tata Chemicals, Indian Hotels, IFC, ICICI and HDFC.
Besides, he also held the position of President ASSOCHAM, the Employers' Federation of India and the Bombay Chamber of Commerce and Industry.
He was a member of the Sachar Commission on Company Law and Reforms, a member of the Prime Minister's Council on Trade and Industry and Chairman of the Indian Institute of Management, Ahmedabad