Mahindra Holidays and Resorts India Ltd (MHRIL) shares climbed on Friday after the Mahindra Group company announced significant changes and key appointments at the top management level following the resignation of its Managing Director (MD) and Chief Executive Officer (CEO) Kavinder Singh.

Mahindra Holidays shares hit an intraday high of Rs 465, 14.7% higher than its previous closing price on the National Stock Exchange (NSE). The stock closed 3.58% higher at Rs 419.90.

The company said that Kavinder Singh has decided to resign as the Managing Director and CEO of MHRIL, effective May 16, 2024. Singh joined the Mahindra Group in 2014 and focused on making the company a world-class vacation ownership company.

In an exchange filing, the company’s board of directors approved the appointment of Manoj Bhat, currently the Group’s Chief Financial Officer (CFO), as the new managing director and CEO, effective May 17, 2024.

The board also approved the appointment of Vimal Agarwal as the CFO. He will take charge on May 1. Agarwal, the current CFO of Mahindra Lifespaces Developers Ltd, will take on the new role from May 1, 2024.