An announcement was made by Mahindra Lifespaces according to which the Managing Director and Chief Executive Officer of the Company, Ms Sangeeta Prasad resigned from her post. She expressed that she would like to pursue other interests. Till 30th of June 2020, she will continue with the company.

In the year 2008, Sangeeta Prasad joined the Mahindra group as COO of Mahindra World City Developers Ltd. She got promoted as CEO of the Integrated cities and Industrial clusters business within 5 years, that is, in the year 2013. She then was promoted and became the MD & CEO of Mahindra Lifespace Developers Limited.

The chairman of Mahindra Group, Mr Anand Mahindra acknowledged Sangeeta’s contribution and said, “Her leadership has propelled the Cities business and has helped chart the strategic way forward for the Residential segment. As a member of the Group Executive Board (GEB) and the Co-Chair of the Group Diversity Council, Sangeeta has helped drive Group-wide initiatives. I wish her the best in her new endeavours.”

The Chairman of Mahindra Lifespace Developers Ltd shared his views by saying, “I have worked with Sangeeta closely since her joining us in 2008. Her combination of strategic vision and operational rigour has always stood her in good stead, and I am certain what she has instituted will take the company towards a successful future. I wish her all the best in the journey that she embarks upon.”

Ms Sangeeta Prasad expressed hew gratitude towards the company by showering her kind words. She expressed, “It has been an extremely fulfilling journey for me with the Mahindra Group, which has enabled me to create a footprint beyond the Real Estate sector. I am immensely grateful to Mr Anand Mahindra, Mr Arun Nanda and the Board for their trust, motivation and guidance. My experience here has instilled in me invaluable learnings and helped me nurture great relationships. As I move ahead, I would like to share my sincerest best wishes to everyone at Mahindra Lifespaces and the Mahindra Group”

The contribution of Sangeeta in shaping the Integrated Cities and Industrial Clusters segment and forging strategic partnerships with marquee companies such as Sumitomo Corporation and IFC is significant. She has charted the strategic outline for the business and has set the pace for growth during her tenure as MD and CEO. She has represented the group globally in various forums including the World Economic Forum, Davos. With this, she is also an important member of many prestigious bodies and stands out as a powerful leader in diverse urban ecosystems.

With Sangeeta’s resignation, the process of finding a successor was initiated by the board of The Nomination and Remuneration Committee. Meanwhile, the Board is confident enough that the current team is talented and gaining experience to overcome the transition appropriately. The footprint of 2.3 million sq. ft was set up by the company out of which the completed, ongoing and forthcoming residential projects are spread across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development or management at its integrated developments or industrial assemblages across four locations.

Source: https://www.equitybulls.com/admin/news2006/news_det.asp?id=262164

https://www.businessinsider.in/business/news/sangeeta-prasad-resigns-as-md-ceo-of-mahindra-lifespaces/articleshow/74004854.cms

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