R. Seshasayee has stepped down from the board of Ashok Leyland, the flagship company of the Hindujas, and resigned his position as Non-Executive Vice-Chairman.
The resignation has since been accepted.
Mr. Seshasayee, who was with Ashok Leyland for four decades, reportedly informed the board that he would like to step down and pave the way for the younger generation.
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A chartered accountant, Mr. Seshasayee had been an iconic figure in the commercial vehicle industry, and was largely instrumental in solidifying Ashok Leyland’s brand image.
After starting his career with Hindustan Lever in 1971, Mr. Seshasayee joined Ashok Leyland in 1976. He became Executive Director (Finance) in 1983, and was named Deputy Managing Director in 1993. He took over as MD in 1998 and was made Executive Vice-Chairman in 2011. “His inputs continue to be available for us,” said a senior Hinduja group official, who did not wish to be identified.