SML Mahindra CEO Venkataraman Srinivas to step down, moves to new role within Mahindra Group

SML Mahindra will see a change in leadership later this month, with Dr. Venkataraman Srinivas set to cease serving as Executive Director and Chief Executive Officer effective June 30, 2026, as he transitions to a new role within the Mahindra Group.

The company disclosed the development in a regulatory filing, stating that the Board of Directors approved the leadership change at its meeting on June 10 following a recommendation from the Nomination and Remuneration Committee.

With the transition, Srinivas will also cease to be a Director and Key Managerial Personnel of the company under the provisions of the Companies Act, 2013 and applicable SEBI Listing Regulations.

Board approves leadership transition

According to the company's disclosure, the change is linked to Srinivas's move to another role within the Mahindra Group and is not related to any disagreement with the company's Board or management.

The filing stated that:

• Dr. Venkataraman Srinivas will cease as Executive Director and CEO on June 30, 2026

• He will also cease to be a Director and Key Managerial Personnel from the same date

• The transition follows a recommendation by the Nomination and Remuneration Committee

• The Board approved the decision at its meeting held on June 10, 2026

The company also confirmed that Srinivas's resignation letter has been submitted to the stock exchanges as part of the required disclosure process.

Executive chairman to take interim charge

As part of the succession arrangement, Vinod Kumar Sahay, Executive Chairman of SML Mahindra, will assume additional responsibilities beginning July 1, 2026.

The company said the arrangement will remain in place until a new chief executive officer is appointed.

The move ensures continuity in leadership while the company undertakes the process of identifying Srinivas's successor.

Key transition details include:

• Last working day as CEO: June 30, 2026

• Reason for cessation: Transition to a new role within the Mahindra Group

• Interim leadership: Vinod Kumar Sahay, Executive Chairman

• Effective date of interim arrangement: July 1, 2026

Change comes amid broader leadership movement within the group

While SML Mahindra has not disclosed details of Srinivas's next position within the Mahindra Group, the move reflects an internal leadership transition within one of India's largest automotive and industrial conglomerates.

The company did not announce a successor alongside the filing, indicating that the search or selection process remains ongoing.

Leadership transitions at listed companies often trigger enhanced disclosure requirements under SEBI regulations, particularly when they involve directors and key managerial personnel.

In its filing, SML Mahindra stated that the departure does not stem from governance concerns, strategic differences or disagreements with management.

Focus shifts to succession and continuity

The immediate priority for SML Mahindra will be ensuring a smooth handover of responsibilities while maintaining operational continuity.

With Sahay taking interim charge, the company has put in place a temporary leadership structure as it prepares for its next phase under a new chief executive.

The appointment of a permanent successor will be closely watched by investors and industry observers, particularly as commercial vehicle manufacturers continue to navigate evolving market conditions, technological shifts and changing customer expectations.

For now, the transition marks the end of Srinivas's tenure at SML Mahindra and the beginning of a new chapter within the broader Mahindra Group.