Mr. Keshub Mahindra, Chairman of Mahindra & Mahindra Ltd., informed the Board of his intention to retire from the Board on August 8th.
The Board accepted his decision but requested him to accept the Chairman Emeritus job, since the company needs his advice and counsel. Mr. Keshub Mahindra joined the company in 1948, and in 1963 he was elected Chairman. Under his supervision the company became a federation of companies from a simple manufacturer of vehicles. The company now has successful business alliances with major corporations such as Mitsubishi, International Harvester, Willys Corporation, British Telecom, United Technologies, and many others.
Agreeing to accept the position of Chairman Emeritus, Mr. Keshub Mahindra, 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. I also take this opportunity to express my gratitude for the abundant love and affection always shown to me by our employees and shareholders.”
After accepting Mr. Keshub Mahindra’s decision, the Board appointed Mr. Anand Mahindra as Chairman & Managing Director beginning August 8th, after the Annual General Body Meeting.