Mahindra & Mahindra (M&M) has announced the appointment of Rajeev Goyal, currently the Chief Financial Officer of its Auto and Farm Sector (AFS), as Chief Executive Officer of its Agri and New Energy businesses, including Powerol. The appointment is part of a newly created leadership role and will come into effect from April 1, 2026.
The leadership move is part of a broader organisational restructuring at M&M aimed at sharpening execution, strengthening accountability, and accelerating growth as the company’s Auto and Farm Sector portfolio continues to expand. With this transition, Goyal will take on responsibility for driving growth strategy and unlocking the full potential of the Agri and New Energy businesses, while continuing to report to Rajesh Jejurikar, Executive Director and CEO of the Auto and Farm Sector.
In an internal communication to employees, Jejurikar described Goyal as a trusted and valuable partner during his tenure as AFS CFO.
“Rajeev has been an invaluable partner to me as the CFO, and it is now exciting to see him move into a business leadership role. He will focus on the growth strategy and unlocking the potential of these two businesses,” Rajesh Jejurikar, Executive Director and CEO of the Auto and Farm Sector said, while also thanking Goyal for his contributions in his finance role and wishing him success in the new assignment.
As part of the restructuring following Goyal’s elevation, Mahindra will merge the central finance and human resources functions within the Auto and Farm Sector. The move is intended to make individual businesses more agile and better empowered to execute their strategies independently.
The company clarified that existing organisational structures under Velusamy R and Veejay Nakra will remain unchanged, in line with earlier announcements. In the Aerospace and Defence business, Vinod Sahay will continue to report to Anish Shah.
Further changes include updated reporting lines across finance and human resources. Ashutosh Vidwans, Ami Goda, and Manaswini Goel will report to their respective business heads as well as to Amarjyoti Barua, Group CFO. Meanwhile, Meenakshi Priyam, Mathan Raj, Sanket Patil, and Kripa Shetty will report to their business heads and to Rohit Thakur, Group CHRO.
Mahindra also confirmed that the Capital Investment team, led by Subhrangsu Mitra, will continue to report to Goyal for the Auto and Farm businesses. Strategic sourcing, SBU, and design functions will remain common across AFS, reflecting their scale and synergistic importance.
All leadership changes communicated internally will take effect from April 1, 2026.
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