Pawan Goenka appointed Chairman of Ssangyong Motor Company

Auto major Mahindra & Mahindra on Thursday said president of its automotive and farm equipment business, Pawan Goenka, has been appointed as Chairman of South Korea's Ssangyong Motor Company (SYMC).

Mahindra has taken control of the South Korean car maker after buying a 70 per cent stake in it.

"The new Chief Executive Officer of SYMC will be Yaoo-il Lee, while Dilip Sundaram from Mahindra will be the new CFO. Besides, Mahindra's Executive Director and Group CFO Bharat Doshi has been named as Director of SYMC," the company spokesperson Roma Balwani said at a press conference in Mumbai.

Mahindra, which emerged as the preferred bidder for SsangYong in August 2010, will now hold a 70 per cent stake in SMC, for which it has shelled out $463-million (about Rs 2,105 crore).

The Independent Directors include Thierry Moulonguet, former Executive Vice-President and CFO, Renault, Kim Kihwan, Korean Ambassador-at-Large for Economic Affairs from 1997-99 and Suk Suh Yoon, Dean of Ewha Women's College of Business.

"It is a matter of great pride for me to be appointed Chairman of one of Korea's premier automotive companies. We are committed to nurturing the SsangYong brand in both the Korean and global markets and returning it to its days of glory," Pawan Goenka said.