Note to readers: How do corporate leaders surf life after hanging up their boots? What do they do next? What are the lessons they learned in their eventful journeys? What advice do they have for the current crop of leaders? Veterans Unpacked is a new series of interviews aimed to offer readers lessons from retired bosses on life outside the corner office.
Before he resigned as the executive director of M&M Limited in 2010, Arun Nanda, who is a lawyer, accountant, MBA and company secretary by training, created Mahindra Holidays & Resorts India (MHRIL), India's largest publicly listed timeshare vacation provider. Even as he pursues his interests outside the boardroom, Nanda is the only senior executive still involved in a non-executive role with businesses at the Mahindra Group. He emphasises the value of risk-taking, why young leaders must embrace humility and how trust between organisations and its executives only works when it is a two-way street. Edited excerpts:
What have you been up to after hanging up your boots?
I first wanted to see how I could help children but at orphanages when they turn 18 they become independent and there's not much you can do. So then I looked at senior citizens. Today people live longer and so I started a trust which has 12 community centres in Mumbai
What keeps you busy now?
I'm building a geriatrics specialty hospital in Palghar and an old-age home. Beyond that, at a personal level, when in the farmhouse, (I) swim regularly. I also am a non-executive director at companies at M&M, so that takes some of my time too but not like before.
Looking back, can you tell us three interesting events or anything that has stayed with you?
I can think of two instances. When we went public with Mahindra Holidays, our first accounts were being audited and I went to Anand (Mahindra) to say that this venture generates a lot of cash and while it's our group policy to keep between 30 and 50 percent of profits, I'd like to go higher. He asked 'who is the chairman of the company?' and I said 'I was' and he said if your board agrees, take the decision.
The second was a marine transport business between Versova and Nariman Point that failed for two reasons—scale was small and landing logistics never mapped. I was scared when I went to see Keshub Mahindra but told him, "I'm going to wind up this business. Also, there have been losses of about a million dollars". The unexpected answer was he was glad to see that we were taking risks. “It's good if you fail in a venture because you can't succeed in everything you do."
What you miss the most about the C-Suite?
Initially, the power, the corporate spotlight and the recognition with the position. There's no doubt you miss that in the beginning but if you can find a calling, which for me was to give back to society, you also transcend it. Of course, as I mentioned, thanks to Mahindra's generosity, I do have the unusual benefit of both worlds.
If you were to relive your corporate career, what would you do differently?
I should have been a bigger risk-taker and tried to grow the businesses I oversaw faster but as an accountant by training, I have been very cautious.
What are the changes that you see in the corporate world that are vastly different from your time?
One is technology, AI, machine-learning and all that. The other thing is consumer behaviour is changing much faster than in my time, so you have to be lightning quick and adapt to change. That pace is only accelerating as we go along. Who among the current crop of business leaders has impressed you the most?
It's difficult to name one person but if I had to narrow it down to qualities it would be these: trust, open leadership culture with respect for individuals for which I look up to Mr Mahindra, and lastly vision and the ability to change with times.
How did you plan for life after retirement?
When it came to the second innings, I felt a need to give back but I'm the kind of person who needs interaction with people, so the social sector made the most sense. I actually resigned not retired.
When I turned 60, I then started thinking of what I would do with my life. Remember, I'd become a director at the age of 40 and I was not someone who could retire and sit at home or play golf during the day. I also realised that planning at 65 would be too late, so I started thinking about it earlier and went to a life coach in Singapore who helped with getting perspective.
Is there anything that you would tell your younger self?
There is no end to learning is what I would tell myself. The day you stop learning is the day you stop growing and the second is practice self-humility and empathy for one's partners in business.
What is your advice for the next cadre of corporate leaders?
Learn the art of giving and create interests that can continue post-retirement. I think at some stage you must also realise that you have to move on and will need things to keep you busy post-retirement.
(Pavan Lall is a senior journalist based in Mumbai.)
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