New Delhi: Mumbai-based automobile maker Mahindra & Mahindra Ltd on Friday said executive director Pawan Goenka had been elevated to the position of managing director, and Anand Mahindra redesignated as executive chairman.

“This is in line with the practice followed by companies across the Mahindra Group, where the position of Managing Director or CEO is distinct from that of the chairman. Mr. Mahindra emphasized that as the executive chairman of Mahindra & Mahindra he will continue to oversee, and be responsible for shaping the growth strategies of the Company and its portfolio of investments," the company said in a statement.

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Goenka joined M&M as general manager (research and development) in 1993 after spending 14 years at General Motors Co. in the US. He was instrumental in increasing M&M’s R&D capabilities.

He was also instrumental in the launch of the Scorpio sports utility vehicle.

“Pawan has played a major role in M&M’s meteoric growth in the post liberalization era. His elevation as MD is a fitting recognition not only of his vast experience and domain knowledge in the mobility space and his many past achievements, but also of the eminent role that he currently plays in the company," Anand Mahindra said.

Separately, Mahindra and Mahindra reported a 27% jump in its Q2 standalone net profit to Rs1,163.27 crore.

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