CP Gurnani, the managing director and chief executive officer (CEO) of Tech Mahindra, will step down as the non-executive, non-independent director of the IT major on December 21, the company said in a regulatory filing on Friday. He is also set to retire as the MD and CEO of Tech Mahindra on December 19.
Along with Gurnani, Vijay Kumar will also step down as the non-executive, non-independent director of the company on December 20. This is due to the withdrawal of his nomination by the Life Insurance Corporation of India (LIC) upon his attaining the age of 65 years.
In his resignation letter, Gurnani wrote, “I have had the privilege of being associated with the Mahindra Group since 2004 in various capacities, including as a member of the Board of Directors of the company since April 2020.”
“I have served on this board for over 3 years. It has been a delight to interact with my fellow board members and the M&M Management Team during this time,” he added.
Kumar, in his resignation letter, said, “I take this opportunity to convey my sincere thanks to the board and management of the company for the unstinted support extended to me during my tenure as a director of the company.”
In an interview with the news agency PTI earlier this year, Gurnani had said that he would transition from “captain” to “coach” after his retirement from the company.
“I’ve done the same business for a very long time. I became a CXO at the age of 38 and am now stepping down at the age of 65. All I’m trying to say is that I’ve been a playing captain for a very long time. I will become a coach. I will no longer be a playing captain,” Gurnani said.
He added, “I have been one of the longest-serving CEOs of the technology sector. I think it is fair that I get to see what the other side of the world looks like and I’m not talking about travel. I’m talking about a few things that I’ve always wanted to do in life. It is also good for the corporation that we get a new leader because a bit of rotation is like getting more oxygen into the system.”
In 2022-23 (FY23), Gurnani’s remuneration was halved by the company to Rs 32 crore from Rs 63.4 crore in FY22. The company has yet to come up with the name of the person who will succeed Gurnani. Business Standard