Ashok Leyland on Saturday has announced the appointment of R. Seshasayee as Executive Vice Chairman effective April 1 to lead the new strategic direction of the Company. According to a release, Mr Seshasayee, the present Managing Director of Ashok Leyland and Executive Vice Chairman of the holding Company, Hinduja Automotive Ltd., will continue to have overall responsibility for Ashok Leyland. It has also announced that Vinod K. Dasari will be Managing Director (designate) of Ashok Leyland with immediate effect and will assume responsibility as Managing Director with effect from April 1. Mr Dasari is currently Chief Operating Officer and a Whole-time Director of the Company.
Speaking on the new role for Mr. Seshasayee, Mr. Dheeraj G Hinduja, Chairman, Ashok Leyland, said, “He will now focus on strategic initiatives towards globalisation of the company's operations as well as leadership development.” Mr Seshasayee's current term was due to expire on March 31.
Dip in Q3 net profit
The net profit of Ashok Leyland has declined by 59 per cent in the quarter ended December 31, 2010, to Rs. 43.37 crore against Rs. 104.63 crore in the corresponding period in the previous year, due to rise in employee cost.
