Tata Motors said Mark Listusilla, who served as CEO of Daimler, is unable to move to India for “personal reasons”. who was due to take over at Jaguar Land Rover in July. He will not join Tata as CEO, as previously announced, and Tata attributed the reason for Mark’s inability to move to India for what she described as personal reasons.
The Indian auto company, Tata, said in a statement issued on Friday that CEO Guenter Butschek will continue in his position as CEO and Managing Director of Tata Motors, the parent company of Jaguar Land Rover, until June 30.
On February 12, Tata announced that Lisucilla, who was heading Daimler Trucks in Asia, would take over as CEO.
Deepak Jasani, head of retail research at HDFC Securities, commented on Friday that “what happened is creating some mistrust in Tata, and the announcement of the succession was supposed to have been made in time to not create confusion,” Dipak continued. “They also have the option of giving Guenter Butschek a reprieve since he’s been there and under him the company has seen some transformation.”
Tata Motors beat expectations during the last quarter after suffering from declining sales and rising debt. The shift came after deep cost cuts and improved demand for cars, while the manufacturer remains largely dependent on Jaguar Land Rover’s luxury unit. Shares of Tata Motors are up nearly 66 percent this year, making it the best performer on the NSE index. Nifty 50.
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