Dr Pawan Goenka, President, Automotive & Farm Equipment Sectors, Mahindra And Mahindra Ltd. (M&M) has been appointed as the Chairman of Ssangyong Motor Company (SYMC) at a meeting of the newly appointed Board of Directors of the company, in Korea. This is in furtherance to M&M announcing that it had completed all formalities related to the acquisition of a majority stake in SsangYong Motor Company and that the company is no longer in Court Receivership.
The new CEO of SYMC will be Mr. Yoo-il Lee, while Mr. Dilip Sundaram from Mahindra will be the new CFO. Mahindra had emerged as the preferred bidder for SYMC in August 2010.
"We are delighted that Dr. Goenka who has played a key role in this initiative, has been appointed Chairman of SsangYong Motor Company and are sure that under his and Mr. Lee’s stewardship, SYMC will scale new heights," said Mr. Bharat Doshi, Executive Director & Group CFO, Mahindra & Mahindra Ltd. who was present at the Board meeting in Seoul, Korea.
Speaking on his appointment as Chairman of SYMC, Dr Pawan Goenka said, "It is a matter of great pride for me to be appointed Chairman of one of Korea’s premier automotive companies. With the support of the local management, Mahindra and SYMC will emerge as a strong force in the global utility vehicle space. We are committed to nurturing the SsangYong brand in both the Korean and global markets and returning it to its days of glory."
"Mahindra brings with it a great deal of passion, domain expertise and knowledge of the global UV market, as India’s leading utility vehicle (UV) manufacturer. All of us at SsangYong look forward to working closely with the Mahindra team to help develop a new product portfolio and gain momentum in overseas markets," said Mr. Yoo-il Lee, CEO,