Mahindra Lifespaces announced that CEO Sangeeta Prasad has quit from her position as Managing Director and CEO. She has expressed her desire to pursue other interests but will continue to hold office till 30th June 2020.
Prasad had joined the Mahindra Group in 2008, as COO of Mahindra World City Developers Ltd and was promoted as CEO in 2018 for the Integrated cities and industrial cluster business, following the resignation of Anita Arjundas as MD.
Anand Mahindra, Chairman, Mahindra Group shared his views on Prasad's contribution to the company. “Her leadership was propelled the Cities business and has helped chart the strategic way forward for the residential segment. As a member of the Group Executive Board and the Co-chair of the group diversity Council, she has helped drive Group-wide initiatives. I wish her the best in her new endeavors.”
In a regulatory filing, the company informed that the board has "noted the resignation submitted by Sangeeta Prasad from the position of the managing director and chief executive officer and also as a director of the company which shall take effect from the close of business hours as on June 30, 2020.
Prasad stated that her journey with Mahindra Group had been an extremely fulfilling journey and it enabled her to create a footprint beyond the real estate sector. As she moves on to pursue other interests, the Nomination & Remuneration Committee of the board will immediately initiate the process of finding a successor. Established in 1994, Mahindra Lifespace Developers Ltd. is the real estate and infrastructure development business of the $20.7 Bn Mahindra group.