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RSSExpect Restructuring as Mahindra’s New Boss Takes Over Farm Equipment
Mahindra & Mahindra says that Pawan Goenka, president of its automotive division, will also take on the responsibilities for the company’s farm equipment sector effective April 1, 2010. Based in Mumbai, India, Mahindra is one of the world’s largest manufacturers of farm-type tractors.
The company said Goenka would take on the additional responsibility when Anjanikumar Choudhari, who currently heads up the farm equipment division, retires on March 31.
In confirming the announcement, Mike Hildebrand, vice president of marketing for Mahindra USA, says he expects the transition to be seamless, but more changes as well.
Hildebrand, who was in Mumbai when the announcement was made, told AEI via e-mail,
“The Auto Sector in the U.S. has already joined us under the Mahindra USA banner. With this move I see more synergy between the sectors.
“We also expect additional restructuring to occur between now and the end of the year. I’ve spoken to the senior managers here in Mumbai and not much is known beyond what has already been announced.
“Dr. Goenka has been a member of our board of directors for some time, so we’re all well acquainted with one another. We report to the senior vice president of International Operations in India, who in turn will report to Dr. Goenka.”
Quarterly Profits Triple
On October 29, Mahindra reported that its net profits for the quarter nearly tripled as the result of stronger sales and significant cost cutting. At the same time, the company is expecting profit pressures to mount through the end of the year.
Mahindra expects raw materials costs to rise 4-5% by the year-end.
