The Mahindra Group on Monday appointed Hemant Sikka managing director and chief executive of Mahindra Logistics Ltd (MLL). Sikka had been the president of the farm equipment business since 2020.
“Hemant is one of our top leaders and brings with him a powerful combination of strategic skills, operational rigour, customer centricity and people leadership capabilities,” the Mumbai-based auto giant said in a statement.
Sikka will take over as the MD and CEO from 5 May.
Ram Swaminathan, the current MD and CEO of MLL, has decided to step down to pursue other professional interests. Swaminathan joined the company in July 2019 and his last day would be 20 July.
In place of Sikka, president of the automotive division Veejay Neekra will take over as president of the farm equipment business, which the company recognizes as one of the largest and profitable businesses with a return on capital employed over 60%.
“There is a huge opportunity for us to grow the business profitably through tractors, farm machinery, and globalization,” it said in the statement.
“Veejay joined M&M in 1995 and has a strong proven track record of creating a turnaround of the Auto Business with successful launches, while building world-class manufacturing capability, along with shaping the growth strategy for our international businesses,” it added.
Neekra will continue to report to Rajesh Jejurikar, who is the executive director for the auto and farm sectors.
To replace Neekra, the company has appointed R. Veluswamy, president of automotive technology and product development, as the president of the automotive business. As part of the reshuffle, the company is also bringing the SUV and LCV business under one leader of the automotive business.
“This would help build greater agility and collaboration, both in engineering our products and taking them to market. The role would have end-to-end responsibility of all functions within the auto business with P&L delivery,” the statement said.
The Mahindra Group’s several auto divisions closed the last fiscal year on a healthy note. The passenger vehicle segment’s retail sales grew by nearly 20% to reach 512,000 from the earlier 427,000.
It saw about 373,000 tractor sales in the year, up 3% from 364,000.
In 2025, M&M’s share price has fallen by over 10% against a 5.7% fall in the Nifty Auto.
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