Parthasarathy's appointment to the post comes after company's Executive Director & Group Chief Financial Officer Bharat Doshi decided to step down, a company release said.
Doshi has decided to step down from his executive position with effect from Wednesday and has been appointed as an additional director of the company with effect from November 14, it said.
Doshi decided to step down after serving the Mahindra Group for 40 years, of which 21 years were as an executive director, the release added.
Besides, the Board has also approved the appointment of S B Mainak as an additional director with effect from today, representing the Life Insurance Corporation of India on the Board of Directors of the company, it said.
Mainak is a chartered accountant and is the managing director of LIC and is also on the Boards of the National Stock Exchange of India and Stock Holding Corporation of India, the release said.


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