New Delhi: The auto major, Tata Motors, on Wednesday announced that Guenter Butschek who desires to relocate to Germany at the end of the contract for personal reasons, will therefore be stepping down from his role as CEO and MD from June 30, this year. However, he will continue as a consultant to the company till the end of this fiscal year, the company said in an exchange filing today.
Announcing the changes to its Board of Directors, the company said that Girish Wagh is being appointed as the Executive Director to the Board of Tata Motors Ltd from July 1, 2021.
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, the company 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,” Guenter Butschek said.
Earlier on March 19, Tata Motors Ltd had announced that former Daimler executive Marc Llistosella will not join as the chief executive and managing director of its India business from 1 July as originally planned.
Llistosella was slated to take over the reins of Tata Motors post the completion of the five-year term of current CEO and managing director Guenter Butschek on 30 June.
On Wednesday, shares of Tata Motors closed 0.8% lower at ₹335.25 per share on the BSE.