Mahindra Holidays and Resorts India Ltd on Friday, February 2, announced key appointments at the top management level following the resignation of its Managing Director and Chief Executive Officer Kavinder Singh, who was at the helm of the company for over nine years.
Shares of the Mahindra group company gained over 4% to trade near 52-week high levels at ₹462.65 apiece on BSE in morning deals. The stock later pared some of the gains and was trading 4.47% higher at ₹421.60 at 11.07am.
The company in a stock exchange filing said its board of directors in a meeting held on Friday approved the appointment of Manoj Bhat as the new managing director and CEO with effect from May 17.
Meanwhile, Amarjyoti Barua, the executive vice-president - group strategy, will lead the Mahindra Group's finance organisation as the group CFO, effective May 17.
The board has also approved the appointment of Vimal Agarwal as the chief financial officer. He will take charge on May 1.
The Mahindra group company in a release said that Kavinder Singh has decided to resign from the company with effect from May 16, 2024, to take on the next challenge in his professional journey.
Kavinder Singh joined the Mahindra Group in 2014 as the Managing Director and CEO of MHRIL. Singh focused on making MHRIL a world-class vacation ownership company and creating differentiated experiences for Club Mahindra members.
MHRIL said that Manoj Bhat is currently the President and Group Chief Financial Officer of M&M Ltd. He was the CFO of Tech Mahindra before moving to Mahindra and Mahindra in April 2021.
“As the group CFO, Manoj led the group’s finance leadership team, working closely with the CFOs of group companies focusing on the governance, controllership, and capital allocation discipline across the group,” the company stated.
Bhat played a major role in Tech Mahindra’s organic and inorganic growth and was part of the acquisition and integration of Satyam.
First Published: Feb 2, 2024 12:22 PM IST
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