Mahindra & Mahindra declared Mr. V. S. Parthasarathy as the new Chief Financial Officer of the Indian automotive firm with effect from the 14th of November, 2013.
The decision was made at the company’s board meeting where Mr. Bharat Doshi, the Executive Director and Group Chief Financial Officer decided to step down after 40 years of service at the Mahindra Group. Interestingly, he was Executive Director for 21 of those 40 years. He will continue with the Mahindra Group as an Additional Director.
The same meeting also saw the appointment of Mr. S.B. Mainak as an Additional Director, representing the Life Insurance Corporation (LIC) of India on the Board of Directors of Mahindra & Mahindra. Mr. Mainak is the Managing Director of the Life Insurance Corporation of India and he is also on the Boards of the National Stock Exchange (NSE) and the Stock Holding Corporation of India Limited.