The Chairman of Mahindra & Mahindra Ltd., Keshub Mahindra notified the Board about his desire to retire from his position after the upcoming Annual General Body Meeting, to be conducted on August 8 2012, gets over. Though the Board acquiesced to his wish, it asked him to continue advising the company as Chairman Emeritus. After he vacates his position, Anand Mahindra will takeover the position of Chairman and Managing Director. This was decided unanimously by the Board and will come into effect the AGM ends.
Keshub Mahindra completed his formal education at Wharton, University of Pennsylvania, USA. Mahindra was inducted into the Board of M&M in the year 1947 and took up the Chairman's position in 1963. In his 48-year long tenure, the company moved from strength to strength and rose from being an automobile manufacturer to a huge business conglomerate. Presently, the group works in a host of fields, such as automobiles, tractors, auto components, IT, real estate, financial services and hospitality. In due course of time, Mahindra joined hands with leading international companies like Willys Corporation, Mitsubishi, International Harvester, United Technologies and British Telecom and lay the groundwork for the Group to come forward as an Indian Multinational Company (MNC). Moreover, he also created a team of industry leaders who were known not just for their unmatched professionalism but also for their commitment towards ethical business practices and corporate governance.
The Board of M&M thanked Keshub Mahindra for his unparalleled services to the Group as well as to the industry and the country. His career started in the early days of the post-independence era and lasted through the License Raj as well as over 20 years of liberalisation and globalisation. Despite all the hindrances, M&M did not change its course and remained true to its main values and code of ethics. Mahindra Group made it a point to serve the community much before Corporate Social Responsibility became a popular phenomenon in the business world. The company works on a number of social issues, with focus on the education of girls and the disenfranchised youth of society.
In his long career, Keshub Mahindra was a part of the Boards and Councils of vast number of private and public sector companies. He holds the distinction of being the founder Chairman of HUDCO and has been a Member of the Board at companies like SAIL, Tata Steel, Tata Chemicals, Indian Hotels, IFC, ICICI and HDFC. Mahindra was also the President of ASSOCHAM, and Bombay Chamber of Commerce and Industry, as well as the President Emeritus of Employers' Federation of India.
Keshub Mahindra served as a member of Sachar Commission on Company Law and Reforms and the Prime Minister's Council on Trade and Industry. He was also the Chairman of Indian Institute of Management, Ahmedabad, the premier B-School of the country. Along with that, he is also the President of the Governing Council of Institute for the Advanced Study of India, New Delhi, a division of University of Pennsylvania. Mahindra was accorded the position of Honorary Fellow by All India Management Association, New Delhi and sits on the council of United World Colleges (International), United Kingdom.
Over the course of his illustrious career, Keshub Mahindra has won many national and international accolades. These include Chevalier de la Legion D’honneur, which was given to him by the French government; Businessman of the Year (Business India) and Jehangir Ghandy Medal for Industrial Peace (XLRI). He has also received Life-time Achievement Award for Excellence in Corporate Governance (Institute of Company Secretaries) as well as Life-time Achievement Awards from organisations like AIMA, CNBC TV18, ACMA and The Economic Times. The latest addition to his CV was the Lifetime Contribution Award that was conferred upon him by Federation of Automobile Dealers Association (FADA).
Accepting the Board's offer to counsel the company as Chairman Emeritus, Keshub Mahindra, stared, "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. 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. I am confident that Anand will retain and strengthen the values and principles that the Mahindras have stood for in the last six decades, and the Group will continue to grow its leadership position across its various businesses.”
On the outgoing Chairman, Anand Mahindra commented, “Mr. Keshub Mahindra has been a role model for business leaders and a true Statesman. He has built an organisation that cares and is known for its ethics and social responsibility, and has shown by example how one remains steadfast in turbulence and navigates in crisis without sacrificing ethics and values. I have had the privilege to work with Mr. Keshub Mahindra for the last twenty one years and will do my best to uphold the highest standards he had set for himself as Chairman. I am glad he has agreed to accept the position of Chairman Emeritus and I look forward to the benefit of his advice and guidance as we move ahead.”
A brief profile of Keshub Mahindra:
Keshub Mahindra is currently on the Boards of the following organisations:
· Chairman, Mahindra Ugine Steel Co. Limited
· Chairman of the Board of Governors, The Mahindra United World College of India
· Vice-Chairman, Housing Development Finance Corp. Ltd.
· Chairman, Tech Mahindra Foundation
· Chairman, Mahindra Holdings Limited
· Director, Bombay Burmah Trading Corporation Limited
· Director, Bombay Dyeing & Manufacturing Co. Limited
· Director, Indian Institute for Human Settlements
He serves as the Member of organisations and committees like:
· Apex Advisory Council – ASSOCHAM
· Founder Member, Indo-Hellenic Friendship League
· Founder Member, Governing Council, Integrated Research & Action for Development (IRADe) New Delhi
· President, Centre for Research in Rural & Industrial Development Society, Chandigarh
· Chairman, Governing Body, Centre for Research in Rural & Industrial Development, Chandigarh
· President Emeritus, Employers’ Federation of India
· Deputy Chairman & Trustee, Employers’ Federation of India, Social & Labor Research (SOLAR) Foundation
· President of the Governing Council - University of Pennsylvania Institute for the Advanced Study of India, New Delhi
· Hon. Fellow, All India Management Association, New Delhi.
· Member of Council, The United World Colleges (International) U.K.
· Member, Sachar Commission on Company Law & MRTP
· Member, Central Advisory Council of Industries
Key positions that he has held over the years:
· 1966-67 President, Bombay Chamber of Commerce & Industry
· 1969-70 President, ASSOCHAM
· 1991-92 President, Indo-American Society
· 1978-95 President, M.V.I.R.D.C. - World Trade Centre
· 1975-85 Chairman, Indian Institute of Management, Ahmedabad
· 1971-75 Chairman, Housing & Urban Development Corp. Ltd.
· 1984-89 Member of the Foundation Board - International Management Institute, Geneva
· 1986-96 Hon. Member, Business Advisory Council - International Finance Corporation, Washington
· 1983-97 Member, International Council - Asia Society, New York
· 1998-2005 Chairman, India Nominating Committee “Single Nation Programme” – Eisenhower Exchange Fellowships, U.S.A.
· 2004-2010 Member, Prime Minister’s Council on Trade & Industry, New Delhi
His positions in social initiatives:
· Chairman, Mahindra Foundation
· Chairman, Board of Trustees – Population First;
· Chairman, Bombay First, Health & Environment Committee
· Chairman & Trustee, K.C. Mahindra Education Trust
· Chairman & Founder Trustee, Bombay City Policy Research Foundation
· Vice-President, National Society for Clean Cities
· Member, Governing Board – United Way of Mumbai
· Member of the International Advisory Board, University of Pennsylvania, Center for the Advanced Study of India, Philadelphia
· Member, Governing Board – Bombay First
· Hon. Member, Rotary Club of Bombay
· Member of the Governing Body, HelpAge India from 2000-2004
· Member of the Board of Governors, Bharat Shiksha Kosh from 2002-2005
· Director, Pratham – India Education Initiative from 2003-2008
Some of the awards conferred upon him:
· 1972-82 Giants International Business Leadership Award
· 1980 NIF-Mody Enterprises Man of the Year Award
· 1983 Madras Management Association Business Leadership Award
· 1985 Companion - British Institute of Management
· 1987 Chevalier De La Legion D'honneur
· 1989 Business India - Businessman of the Year, India
· 1990 Honorary Fellowship of All India Management Association
· 1992 Rotary Award for Vocational Excellence
· 1992 Shiromani Award
· 1993 Vikas Jyoti Award for Outstanding Services, Contribution & Achievements
· 1994 FIE Foundation - Rashtra Bhushan Award
· 1994 The Sir Jehangir Ghandy Medal for Industrial Peace - XLRI, Jamshedpur
· 1996 Rotary Vocational Excellence Award in the field of Industry
· 1998 IMC Diamond Jubilee Endowment Trust Award
· 2000 Motorindia Automan Award
· 2000 Dadabhai Naoroji International Award for Excellence & Lifetime Achievement
· 2003 All India Management Association Lifetime Achievement Award for Management
· 2004 Award from Overdrive for Excellence in the Indian Automotive Hall of Pride
· 2004 Institute of Company Secretaries of India (ICSI) Lifetime Achievement Award for Excellence in Corporate Governance
· 2005 Qimpro Platinum Standard – Statesman for Quality – Business Award
· 2006 Lakshya Business Visionary Award – NITIE
· 2007 Indian Business School (IBS) Kolkata Lifetime Achievement Award presented by the Institute of Chartered Financial Analysts of India (ICFAI).
· 2007 Ernst & Young Entrepreneur of the Year Lifetime Achievement Award
· 2008 Society of Indian Automobile Manufacturers (SIAM) Award for ‘Lifetime Contribution to the Automotive Industry’
· 2008 CNBC TV 18 India Business Leaders Lifetime Achievement Award 2008
· 2009 ACMA Lifetime Achievement Award
· 2009 Economic Times Lifetime Achievement Award
· 2012 Federation of Automobile Dealers Associations – Lifetime Contribution Award
