M&M Names Amarjyoti Barua CFO; Manoj Bhat To Join Club Mahindra

Mahindra & Mahindra Ltd. appointed Amarjyoti Barua as group chief financial officer with effect from 17 May, replacing Manoj Bhat, who will move to a new role at Mahindra Holidays & Resorts India Ltd.

Barua is the executive vice president – group (strategy) for Mahindra Group and chief investor relations officer of the company, the Indian automaker said in a stock exchange announcement.

Before joining the company, Barua was the finance leader for oilfield services & equipment segment of Baker Hughes. Prior to Baker Hughes, he held multiple roles at General Electric over the course of 18 years.

Barua holds a Bachelor’s degree in Economics and a Master’s degree in Business Administration, according to the statement.

BHAT’S NEW ROLE

Bhat, whose resignation will be effective from the close of business hours on 16 May, will become the managing director and chief executive officer of Mahindra Holidays, which is better known as Club Mahindra, effective 17 May.

The development comes after Mahindra Holidays’ MD & CEO Kavinder Singh resigned, effective 16 May, to take on the next challenge in his professional journey.

Mahindra Holidays, which offers membership-driven holidays at its flagship brand Club Mahindra, said Bhat’s appointment will be for five years, subject to approval of shareholders of the company.

He has also previously served as CFO of Tech Mahindra Ltd., responsible for the finance and secretarial functions across 160 subsidiaries and over 90 countries. In his 15 years at TechM, he has had responsibilities for various functions like corporate planning & strategy, M&A, in addition to core finance responsibilities.

Bhat, who started his career with HCL Perot Systems, has a Bachelor’s in Technology degree from IIT Mumbai and a Postgraduate Diploma in Management from IIM Bangalore.

FURTHER RESHUFFLE

The Indian conglomerate said in sync with the group’s talent development philosophy, there will be further planned rotation of key finance talent.

Mahindra Lifespaces Developers Ltd.’s CFO Vimal Agarwal will become the finance chief of Mahindra Holidays, effective 1 May.

He will replace Interim CFO Ram Mundra, who would continue to serve the company and assist him during his transition.

The company said Agarwal has over 20 years of experience across financial planning & analysis, capital expenditure & operating expenditure budgeting, working capital management and cost efficiency strategies.

Agarwal, a chartered accountant, has previously held leadership roles at PepsiCo and Parag Milk Foods Ltd., in addition to being associated with ICI Paints, Joyco India Ltd. and Bank of America, according to the statement.

Mahindra Group said Agarwal will be succeeded by Avinash Bapat as CFO of Mahindra Lifespace Developers.

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