 "Tata Motors stares at empty corner office again; Marc to not join as CEO")
Tata Motors’ corner office is set to fall vacant yet again. Marc Llistosella, the former Daimler veteran, will not join the company as chief executive and managing director (MD) of its India business, the company said in a stock exchange filing on Friday.
Llistosella was scheduled to take over the reins of the company from Guenter Butschek from July 1.
The announcement comes as a surprise and gives very little headroom to Tata Motors to find a new successor. Butschek’s term ends in June. “He (Llistosella) cannot relocate to India for personal reasons,” said a person privy to the development.
However, this is not the first time that India’s largest commercial vehicle maker is staring at a leadership vacuum. In its 30-year history, it has managed without an MD for several years.
The company had appointed Butschek, an Airbus veteran, in February 2016 after a search that lasted for a year and half. The top job fell vacant on January 27, 2014, after the sudden demise of Karl Slym — former MD of General Motors India.
Slym was appointed MD of the India business on October 1, 2012. Prior to 2012, too, the company had witnessed phases without an MD.
“Tata Motors wishes to announce that Mr. Marc Llistosella Y Bischoff, who was to join Tata Motors as its CEO and managing director effective from July 1, 2021, will not be joining Tata Motors as CEO and Managing Director, as previously announced on February 12, 2021. As mentioned in our said earlier letter, Mr. Guenter Butschek will continue as CEO and Managing Director till June 30, 2021,” the company said in a statement.
The Tata Group flagship had, on February 12, named Llistosella the MD and CEO of its India operations, which comprises the commercial and passenger vehicles businesses.
Tata Motors shares have risen about 66 per cent this year, making it the top performer on the NSE Nifty 50 index.
Llistosella was scheduled to take over the reins of the company from Guenter Butschek from July 1.
The announcement comes as a surprise and gives very little headroom to Tata Motors to find a new successor. Butschek’s term ends in June. “He (Llistosella) cannot relocate to India for personal reasons,” said a person privy to the development.
However, this is not the first time that India’s largest commercial vehicle maker is staring at a leadership vacuum. In its 30-year history, it has managed without an MD for several years.
The company had appointed Butschek, an Airbus veteran, in February 2016 after a search that lasted for a year and half. The top job fell vacant on January 27, 2014, after the sudden demise of Karl Slym — former MD of General Motors India.
Slym was appointed MD of the India business on October 1, 2012. Prior to 2012, too, the company had witnessed phases without an MD.
“Tata Motors wishes to announce that Mr. Marc Llistosella Y Bischoff, who was to join Tata Motors as its CEO and managing director effective from July 1, 2021, will not be joining Tata Motors as CEO and Managing Director, as previously announced on February 12, 2021. As mentioned in our said earlier letter, Mr. Guenter Butschek will continue as CEO and Managing Director till June 30, 2021,” the company said in a statement.
The Tata Group flagship had, on February 12, named Llistosella the MD and CEO of its India operations, which comprises the commercial and passenger vehicles businesses.
Tata Motors shares have risen about 66 per cent this year, making it the top performer on the NSE Nifty 50 index.
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