Tata Motors in search of a new CEO
Published On Sep 13, 2011 01:52 PM By Vidyadhar
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Carl Peter Forster, the CEO of Tata Motors Ltd had stepped down from his position on 9th of September. The Ex-CEO had been responsible for turning around the Jaguar Land Rover unit into profits during the last fiscal, 2010-2011. Now, Tata Motors are left with searching to fill in the CEO position during the prevalent debt crisis in Europe.
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The new CEO will have to head start in ramping up the sales of their luxury brand Jaguar, which had been declining for past six months. According to a statement made by Deepak Rathore of IHS Automotive, Tata Motors foresees to invest $2.4 billion annually in new models and towards expansion in other emerging markets like China. The company has to soon find the new head for the company in order to bring the work into order. To make the matters worse, the company's shares also are reported to have fallen by 44% this year.
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Prakash Telang, the MD of Tata Motors and Ralf Speth, the CEO of JLR will remain to handle their respective duties on the board.Carl Peter Forster had a successful, less-than-two-year stint with the company, but helped in a leap in gross profit by 20 times during the last fiscal. Tata Motors, apparently has plans towards expanding its operations in China, by setting up an assembly unit in the country. China stands to be No. 1 in the emerging car markets today and Tata Motors is aggressively looking for a potential partner in China to set up its assembly unit.
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Reports show that, the JLR unit in England had accounted for 57% of the Tata Motors revenue during the last financial year under the leadership of Forster. The industry experts opine that replacing him is going to be a difficult task for the company.
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