(MHRIL), the operator of Club Mahindra resorts, announced on Tuesday that its Chief Financial Officer Vimal Agarwal has resigned, with the company simultaneously naming a replacement to ensure a smooth leadership transition.
The Board of Directors, at a meeting held this morning accepted Agarwal’s resignation effective close of business on 30th June 2026. His departure is not a separation from the conglomerate — Agarwal is transitioning to a new role within the broader Mahindra Group. The resignation letter, dated 4th May 2026, confirmed this reason.
Rajiv Vimal has been appointed as the incoming CFO and Key Managerial Personnel with effect from July 1, 2026. He will join the company on June 23, 2026, providing a brief overlap period before formally assuming charge. The appointment was made on the recommendation of both the Nomination and Remuneration Committee and the Audit Committee.
Vimal brings over two decades of finance experience. He currently serves as CFO of PPG Asian Paints Private Ltd, a joint venture between PPG Industries and Asian Paints, where he oversees strategy, capital allocation, finance, taxation, internal audit, legal compliance, and CSR. Prior to that, he spent more than 13 years with Vodafone in senior finance roles, including as Head of Finance for the MPCG Circle. He is a Chartered Accountant and a commerce graduate from St. Xavier’s College, Kolkata.
MHRIL shares were trading at ₹240.33 on the NSE, down 0.74 per cent from the previous close of ₹242.13. The stock declined nearly 25 per cent over the past 12 months and sitting well below its 52-week high of ₹382, hit in July 2025. The company’s total market capitalisation stands at approximately ₹4,856 crore.