Anand Mahindra to step down as non-executive chairman of M&M Ltd

Anand Mahindra, Chairman, Mahindra Group, will be transitioning as non-executive chairman from his current executive chairman post, effective from 1st April 2020. Mahindra & Mahindra (M&M) Ltd., in an exchange filing, said that its board has approved the transition of Anand Mahindra’s role from chairman to non-executive chairman. Likewise, Pawan Goenka, Managing Director of the company has been given additional charge of Chief Executive Officer, for a year, effective April 1, 2020. The company has announced a major rejig over the next 15 months, whereby a number of key leaders at M&M Ltd. will be retiring. Following new SEBI norms, the top 500 listed entities have to appoint a non-executive chairperson on their boards by April 1, 2020, which would eventually lead to a split in the post of Chairman and MD. M&M said that “In light of (SEBI norm) that, and in pursuance of the highest standards of corporate governance, over the past one year the Governance, Nomination & Remuneration Committee (GNRC) of the Board has completed a structured and rigorous review of top management succession, which has now been ratified by the Board of Directors”. Anand Mahindra said that “This plan reflects M&M’s depth of management talent and will ensure continuity in terms of culture, values, governance and operational effectiveness. In my new role, I see myself as the conscience keeper of the Mahindra Group, as the custodian of its values and the watchdog of the interests of its shareholders. Internal audit will continue to report to me. I will continue to exercise oversight through the Board.”

Tata Global Beverages pitches Whirlpool’s MD

Tata Global Beverages Ltd (TGBL) appoints Sunil A. D’Souza as MD and CEO of its global beverages business with effect from April 4, 2020. D’Souza is currently MD at Whirlpool India Ltd. A Tata group outsider, D’Souza will take over charge from its current Managing Director and CEO, Ajoy Kumar Misra who is slated to retire on March 31, 2020. D’Souza’s appointment is seen as a rare occasion wherein a non-Tata group member will assume a key executive position. “Sunil D’Souza brings strong domain knowledge of consumer products businesses and a successful track record of leadership. His experience and expertise will be very valuable in shaping and developing Tata Global Beverages for the future,” said N. Chandrasekaran, Chairman, TGBL in the statement to the BSE.

Asmita Sethi to head India operations at Pratt & Whitney

Pratt & Whitney, a division of United Technologies, appoints Ashmita Sethi as MD of its India operations. In a senior-most leadership position, Sethi is expected to provide strategic direction for the company’s growth and business goals for its India operations. This would include customer relations and support, the company’s customer training centre in Hyderabad, communications and government affairs. With more than 20 years of experience in the defence and aerospace sec-tor, she joins Pratt & Whitney following a successful career path within the corporate and public affairs domains. She’s also held roles in communications with Boeing and Rolls-Royce. According to Sethi, “The GTF engine is the most innovative and competitive product in commercial aviation today, as Pratt & Whitney continues to innovate across all of its products and services to better serve its global customers.” Rick Deurloo, Pratt & Whitney’s chief commercial officer said, “ Having Ashmita join our team as the country-head of India will bolster our support for our customers in the India market. She brings leadership, industry knowledge and experience to this role.”

Venu Nuguri steps up as MD at Swiss ABB Power Products

Venu Nuguri has taken over as Managing Director at ABB Power Products, the new standalone legal entity of ABB’s Power Grids business in India. The Bengaluru Bench of the National Company Law Tribunal (NCLT) in November had approved the demerger of ABB’s power grids business to ABB Power Products and Systems India Ltd (APPSIL). Likewise, “The Board of Directors of ABB Power Products and Systems India Limited (APPSIL) have appointed Venu Nuguri as Managing Director, APPSIL,” said the Swiss multinational company. In his previous role, Nuguri was ABB’s group senior vice-president, power grids, and comes with three decades of experience in the power sector in India and globally. He has held several leadership roles, which also includes helming affairs as Head of ABB’s Power Grids Business in South Asia, Middle East & Africa region. “I am honoured to have this opportunity at such a pivotal time for power in India. At APPSIL, we will continue to serve our customers by pioneering power technologies that enhance productivity and contribute to India’s sustainable energy future,” said Nuguri.

First Ever Woman to HELM SCI

Harjeet Kaur Joshi took over the reins of the privatisation bound mammoth Shipping Corporation of India (SCI) as its first woman Chairperson and Managing Director (CMD). Her full-time appointment as CMD was cleared by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi and is valid till her superannuation on May 31, 2022, or until further orders, as per the ACC’s communication to the Ministry of Shipping (MoS). SCI operates under the MoS. Her appointment was considered when the Public Enterprises Selection Board (PESB) chose her to lead India’s largest shipping company-SCI. Harjeet Kaur takes over as SCI’s 13th CMD and relinquished her previous role as Director (Finance) who also held Additional Charge of the post of Chairman and Managing Director until her full-time appointment to helm affairs at SCI. SCI is one of the PSU ‘navaratnas’ and has been listed in the Union Government’s divestment plans. The government has decided to sell its 63.75% stake in SCI, to a private strategic buyer and the stake sale is in process. SCI was awarded the ‘Shipping Company of the Year-Indian Flag’ at 7th Samudra Manthan Awards 2019.

Anand Ramamoorthy promoted as MD of Micron Tech

Anand Ramamoorthy steps up as the Managing Director for Micron Technology, Inc., India operations. He will drive growth opportunities for its team of research and development scientists, design engineers and support functions across all Micron sites across India. A global leader in memory and storage solutions, Micron is the 4th largest semiconductor company with revenues of US$23.4 billion (fiscal 2019). Its operations across Bengaluru and Hyderabad contribute to technological breakthroughs in the wider gamut of artificial intelligence (AI), cloud computing, 5G and Machine Learning. “Memory and storage technologies are foundational to enabling growth in AI, the Cloud and 5G.Micron’s India team is developing innovative technology and products that can change the way the world accesses and manages data, and I am excited to lead this fast-growing and talented team,” said Ramamoorthy. He has more than 21 years of global experience in building teams, implementing business strategies, fostering innovation, growing businesses and leading organisational transformation. In previous leadership roles, he has led teams in the wireless, automotive electronics, data centre and cybersecurity. Prior to joining Micron, Ramamoorthy held leadership roles at Intel, Harman, Marvel and Freescale. Micron established its first India site in Bengaluru in January 2019 and in October, the company launched its Global Development Centre in Hyderabad. “Anand will play a key role in growing our India operations and driving innovation for Micron products and solutions. “His leadership alongside our talented teams in Bengaluru and Hyderabad will help fuel Micron’s growth for many years to come,” said Jeff verheul, Senior vice-President of non-volatile engineering at Micron.

Tata veteran N Srinath, upcoming CEO of Tata Trusts

N Srinath, Managing Director, Tata Teleservices has been tipped as the prime candidate for spearheading Tata Trusts, India’s largest public charitable organisation. Srinath will most likely become the next CEO of Tata Trusts which is the largest shareholder with a 66% stake in Tata Sons Ltd. A Mechanical Engineer from IIT (Chennai) and a Management graduate from IIM (Kolkata), Srinath emerged as the top choice for the CEO post presided by a 3-member committee, headed by Ratan Tata. Besides his current post at Tata Teleservices, Srinath is also in the board of Tata Communications. An old-timer, Srinath from the Tata Group is likely to take charge early 2020. Anticipations are rife that he will be offered the pivotal CEO’s position, unlike, R venkata Ramanan who held the post of managing trustee previously but had to eventually relinquish the post. Srinath joined the Tata Group in 1986 and has also served Ratan Tata as his executive assistant. He has many feathers in his cap within the Tata Group overseeing varied positions in Project Management, Sales & Marketing, and Management in different Tata companies in the ICT sector over the last three decades. Srinath was appointed as MD of Tata Teleservices Ltd. on February 1, 2011. He is also a Director of Tata Communications Ltd., Tata Industries Ltd. and is also an Independent Director of Honeywell Automation India Ltd.

Boeing CEO fired in-lieu of the Max 737 disasters

Dennis Muilenburg, CEO, The Boeing Company, has tabled his resignation and current Chairman, David Calhoun has been named as his successor. while Calhoun is expected to take over as the new Chief Executive and President effective from January 13, 2020, he will continue to remain a member of the Board. The transition period will allow him to exit his other non-Boeing commitments. Greg Smith, current Chief Financial Officer will serve as the interim Chief Executive Officer during the transition period; post completion of Boeing’s top management reshuffles. Industry watchers said that Muilenberg had to be fired as a last-ditch attempt by the Chicago-based aircraft manufacturers to regain the trust of aviation regulators for re-certification of the Boeing 737 Max, it’s most commercially viable jetliner. The 737 Max remains grounded globally since March 2019 following the two catastrophic air crashes in Indonesia in October 2018 and Ethiopia early in 2019, killing around 346 people aboard the misfortunate flights. “A change in leadership was necessary to restore confidence in the company moving forward as it works to repair relationships with regulators, customers and all other stakeholders,” the company said. The 737 Max’s return to flight has been postponed as the US Federal Aviation Administration (FAA) had earlier indicated that it would not re-certify the aircraft for resumed service until 2020, crushing Boeing’s hope of getting the plane cleared for flight before the end of 2019.

Anish Shah to succeed MD Pawan Goenka in 2021

Mahindra and Mahindra Ltd. (M&M) has named group strategy chief, Anish Shah, to succeed its Managing Director, Pawan Goenka in 2021, as part of a major succession plan and corporate restructuring of the auto major. Shah is slated to join M&M’s board and also pick up the baton as its Deputy Managing Director and as group Chief Financial Officer with effect from April 1, 2020. Shah, an IIM-Ahmedabad alumnus is expected to have a hand-holding period of about a year before he heralds his position as the MD and CEO, effective April 2, 2021. Pawan Goenka will in time step into the newly created position of CEO from April 2020, for a year, before handing over the baton to Shah. Goenka has reached the superannuation age of 65 at M&M, has been given a year’s extension by the board to mentor his successor and will eventually retire on April 1, 2021. with Shah taking charge as the finance chief next year, incumbent vs Parthasarathy will move on to lead the newly created mobility services sector, which will combine the after market sector, Mahindra Logistics and automobility services. The governance, nomination and remuneration committee led by independent director MM Murugappan picked Shah after a year-long selection process. In previous roles, Shah, led GE Capital and joined the Mahindra Group in 2014, started a new department called ‘group strategy’ as was its President. He created a pool of digital and strategic talent, started group-wide projects to harness synergies among the companies and built in-house startups in areas of logistics and tractor rental.

Devesh Srivastava appointed as CMD of GIC India

Devesh Srivastava has picked up the baton to serve as the Chairman and Managing Director (CMD) of General Insurance Corporation of India (GIC). Following the recommendation by the Banks Board Bureau in August this year, the government issued notification for his appointment recently. He began is career with Oriental Insurance Company Limited at Indore. Subsequently, he was transferred to GIC in 1999. He operated from GIC’s Mumbai office and was posted in the Reinsurance Department whilst handling niche sectors of Aviation, Marine Hull and Cargo, Oil & Energy, Miscellaneous, Motor and Liability, post which, he headed the UK branch of the Corporation in 2013. He also displayed his efficiencies across wider departments of Human Resource & Training, Re-Insurance Worldwide (RIWW), Health, Corporate Communications, CMDs Secretariat, Innovation Centre, Ministry & IRDAI matters prior to his new grade as CMD. He was a direct recruit officer of the 1987 batch and a postgraduate in Physics from Delhi’s St. Stephen’s College. He, in turn, obtained a post-graduate degree in Management, majoring in Marketing with a Gold Medal from the Management Development Institute (MDI) Gurgaon in 2008. GIC Re has been rated “A-” (Excellent) with a stable outlook by AM Best for the last 10 consecutive years. GIC Re has emerged as the 11th largest amongst the top 40 Global Reinsurers, as reported by Standard and Poor’s and is based on the net premium booked by the reinsurer in 2019.

Deepak Jain roped in as CFO of Ather Energy

The E-scooter startup, Ather Energy, has appointed Deepak Jain as its new Chief Financial officer (CFO). The Hero MotoCorp backed 2-wheeler startup has roped in Jain who will bring in 20 years of his experience, having worked across several global brands-First Advantage, Apple India, P&G and Gillette. He joins Ather after relinquishing a five-year stint at First Advantage as CFO for their India business. “In his prior roles, Deepak has scaled up technology and productled companies, making him an ideal addition to Ather’s team. For a rapidly expanding company like Ather, an important focus area is laying the structure for effective processes,” said Tarun Mehta, co-founder and CEO Ather Energy. Jain is known for his acumen in conceptualising, leading and executing business expansion strategies and is likely to play a key role in Ather’s aggressive expansion plans of taking scooters to the global markets, including Latin America, Southeast Asia and Europe in the same period. “Working with Ather is a rare opportunity to work on cutting-edge technology and building products that are setting the bar in the two-wheeler category,” said Jain. “I look forward to working with the team as we enter new markets and increase our footprint across India.” Ather was founded in 2013 by IIT Madras alumni, Tarun Mehta, and Swapnil Jain, and oper-ates in Bengaluru and Chennai.