Mahindra fires 300 executives as slowdown stings
For now, it is only restricted to Mahindra Auto and farm division but there is clear indication that it will spread to Mahindra Research Valley, said an executive
- Mar 10, 2021,
- Updated Mar 11, 2021 12:13 AM IST
In a major restructuring move, homegrown auto major Mahindra & Mahindra has fired around 300 management executives since the start of this calendar year as the slowdown in the domestic automotive industry exacerbated, with the pandemic taking its toll.
The automotive division of Mahindra, which suffered the brunt of the layoffs, has suffered a debilitating 27.52 per cent decline in sales in this fiscal so far. Industry volumes have shrunk by 13.2 per cent.
Highly placed sources told BusinessToday.In that the exit of many senior management executives, including VS Parthasarthy, who was President of Mahindra's mobility services sector and member of the group executive board, are part of the nearly 300 executives that have been eased out by the firm since January. Other senior level executives included Prahlada Rao, who was head of business planning at Mahindra.
In a major restructuring move, homegrown auto major Mahindra & Mahindra has fired around 300 management executives since the start of this calendar year as the slowdown in the domestic automotive industry exacerbated, with the pandemic taking its toll.
The automotive division of Mahindra, which suffered the brunt of the layoffs, has suffered a debilitating 27.52 per cent decline in sales in this fiscal so far. Industry volumes have shrunk by 13.2 per cent.
Highly placed sources told BusinessToday.In that the exit of many senior management executives, including VS Parthasarthy, who was President of Mahindra's mobility services sector and member of the group executive board, are part of the nearly 300 executives that have been eased out by the firm since January. Other senior level executives included Prahlada Rao, who was head of business planning at Mahindra.