Mahindra & Mahindra (M&M) has appointed Rajeev Goyal, currently the Chief Financial Officer of the Auto and Farm Sector (AFS), as Chief Executive Officer of its Agri and New Energy businesses, including Powerol, in a newly created role effective April 1, 2026.
Goyal’s elevation is part of a broader leadership restructuring aimed at sharpening execution and accelerating growth as Mahindra’s Auto and Farm Sector portfolio continues to expand. In his new role, Goyal will be responsible 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 – Auto and Farm Sector.
In an internal communication to employees, Jejurikar said, “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.” He also thanked Goyal for his contributions as AFS CFO and wished him success in his new assignment.
Following Goyal’s transition, M&M will merge the central finance and human resources functions within AFS, a move aimed at making individual businesses more agile and empowered to execute their strategies effectively.
The company clarified that existing organisational structures under Velusamy R and Veejay Nakra will remain unchanged, as announced earlier. In the Aerospace and Defence business, Vinod Sahay will continue to report to Anish Shah.
As part of the reshuffle, Ashutosh Vidwans, Ami Goda, and Manaswini Goel will report to their respective business heads and to Amarjyoti Barua, Group CFO, while Meenakshi Priyam, Mathan Raj, Sanket Patil, and Kripa Shetty will report to their business heads and to Rohit Thakur, Group CHRO.
Mahindra also stated 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, given their scale and synergistic importance.
All leadership changes communicated to employees will come into effect from April 1, 2026.
