Guenter Butschek to step down as CEO & MD of Tata Motors on June 30

He would continue as a consultant to the company till the end of this fiscal year.

Tata Motors, in a regulatory filing made after trading hours yesterday, said that Guenter Butschek would be stepping down from his role as CEO & MD from 30 June 2021. Butschek had informed the company about his desire to relocate to Germany at the end of the contract for personal reasons.

Natarajan Chandrasekaran, chairman of Tata Group, said: I would like to thank Guenter for leading Tata Motors successfully over the last 5 years and creating a strong foundation for the future. I look forward to his continued inputs as a consultant to the company.

Guenter Butschek said: Leading Tata Motors over the last 5 years was an exciting experience. The business fundamentals are stronger, and we are well positioned to leverage the opportunities in both Commercial and Passenger Vehicles. I look forward to my continued association with the company as a consultant in the coming months.

Pursuant to this, Girish Wagh is being appointed as the executive director to the board of Tata Motors from 1 July 2021, the company said in a statement.

Girish Wagh as an additional director shall hold office upto the date of the ensuing annual general meeting (AGM) of the company and a proposal for his appointment as an executive director of the company would be placed for the approval of the members at the ensuing AGM of the company.

The company's 76th AGM is scheduled to be held on Friday, 30 July 2021.

Tata Motors' domestic business has successfully transitioned to a business unit structure with the commercial vehicles division headed by Girish Wagh and the passenger vehicle division headed by Shailesh Chandra. The executive committee is an experienced leadership team that has been successfully scripting the turnaround of the company and will continue to drive the business.

Girish Wagh, president - commercial vehicles, Shailesh Chandra, president - passenger vehicles and Thierry Bollore, CEO - Jaguar Land Rover will continue to work closely with the chairman, N Chandrasekaran.

Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.

On a consolidated basis, the auto major reported net loss of Rs 7,605.40 crore in Q4 FY21 lower than net loss of Rs 9,894.25 crore in Q4 FY20. Total revenue from operations during the quarter increased 41.8% year-on-year (YoY) to Rs 88,627.90 crore in Q4 FY21.

The scrip shed 0.28% to currently trade at Rs 334.30 on the BSE.

On a year-to-date (YTD) basis, the stock has zoomed 81.59% while the benchmark S&P BSE Sensex and S&P BSE Auto index have advanced 9.54% and 13.82%, respectively.

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