MUMBAI: Auto major Mahindra and MahindraBSE -2.99 % today said its Executive Director and Group Chief Financial OfficerBharat Doshi will relinquish his executive positions from November after a four-decade association with the diversified business house.
"Doshi has requested that in view of his desire to recalibrate priorities in his personal life, he be allowed to transit from an executive to a non-executive role in the Group at the conclusion of the board meeting scheduled in November," M&M said in a statement here.
The company, however, said on the request of board, he has agreed to continue as a non-executive director.
Doshi will also continue as Chairman of Mahindra Finance and Mahindra Intertrade, in addition to retaining the board directorship of various Group companies and his role as atrustee on the boards of foundations and trusts, it said.
Group Chairman Emeritus Keshub Mahindra said, "Doshi joined us nearly 40 years ago and in his journey in the corporate world earned many accolades. He always showed the highest respect for the dignity of the individual."
M&M Chairman and MD Anand Mahindra said "Bharat has been an integral part of the Group for the past four decades. Not only has he played a critical role in laying the foundation of the Group's transformation into a diversified and financially strong federation of businesses, he was also a prime mover in the creation and subsequent growth of Mahindra Finance and its associated businesses."