Mahindra Group CEO and MD Anish Shah to see possible salary hike from Aug 1

Mahindra Group CEO and MD Anish Shah’s monthly basic salary scale will see a jump from the present scale of Rs 18 lakh-Rs 30 lakh per month to the range of Rs 30 lakh-Rs 55 lakh per month from August 1, 2023 albeit after shareholders' approval. The change in basic salary scale, if it goes through, shall remain in effect till March 31, 2025.

The Mahindra Group in its latest Annual Report has through its Board of Directors, via a special resolution, sought approvals from its shareholders to decide on increasing the current basic salary of Shah in the range between Rs 30 lakh and Rs 55 lakhs per month. However, this is only a proposal and will be decided basis the recommendations of the shareholders.

The company's annual report read: “The Members at the said meeting had approved basic salary to Dr. Anish Shah as Managing Director and Chief Executive Officer in the scale of Rs. 18,00,000 to Rs. 30,00,000 per month with effect from 2nd April, 2021 to 31st March, 2025 (both days inclusive) and perquisites and performance pay not exceeding 200 per cent and 150 per cent of the annual basic salary respectively”.  

Shah’s renumeration during the financial year ended March 31, 2023 stood at Rs 12.46 crore, excluding the perquisite vale of ESOPs exercised and at Rs 16.44 crore including the value of ESOPs. Shah holds 1,88,882 shares in the Group as of March 31 this year. 

Shah is the presently the Managing Director and Chief Executive Officer of Mahindra & Mahindra Limited, Chairman of Mahindra & Mahindra Financial Services Limited and Mahindra Logistics Limited, Non-Executive and Non-Independent Director of Mahindra Lifespace Developers Limited, Tech Mahindra Limited, Mahindra Holidays & Resorts India Limited, Additional Director of Tech Mahindra Foundation and Director and Senior Vice President of Federation of Indian Chamber of Commerce & Industry (FICCI). 

Dr Anish Shah joined the M&M Group in 2014 as Group President (Strategy) and worked closely with all businesses on key strategic initiatives and built capabilities like digitisation and data sciences. Shah was appointed the Deputy Managing Director and Group CFO in 2019.  

In this role, he was tasked with the full oversight of all group businesses except the auto and farm verticals, as part of his transition to the role of Group CEO.  

His role as the CEO of the Mahindra Group includes oversight of all businesses, which employ over 2,60,000 associates across 20 industries and more than 100 countries. Shah has also been nominated as the co-chair for the World Economic Forum’s (WEF) India edition of CEO Climate Leaders, a platform for business leaders to support plans to step up India’s climate action and green transition efforts.  

Before joining the Mahindra Group in 2014, Shah had a long stint at GE Capital India.  The 53-year-old M&M Group CEO and MD has a PhD. from Carnegie Mellon's Tepper School of Business in the field of Corporate Governance. Shah did his Masters from Carnegie Mellon and has a postgraduate diploma in Management from the Indian Institute of Management, Ahmedabad (IIM-A). 

Shah also has various scholarships including the William Latimer Mellon Scholarship, Industry Scholarship at IIMA, National Talent Search and Sir Dorabji Tata Trust. 

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