After almost 14 years with the company, Vinod K. Dasari has decided to bid adieu to Ashok Leyland.
“I have decided that the time is right for me now to move on to pursue other interests and continue my learning journey. This decision to leave has been a very personal and an extremely tough one to take,” Mr. Dasari said in an e-mail to employees.
His resignation as the CEO and MD of Ashok Leyland was formally announced at a media briefing held here on Tuesday to release the second quarter numbers of the company. The resignation would take effect on March 31, 2019.
Briefing the media Dheeraj G. Hinduja, chairman, said that the resignation was ‘unexpected.’ It was the policy of the Hinduja family to find the best talent and give them the freedom to achieve the targets.
There would not be any change in the company’s market vision and business strategy and growth momentum would continue, he asserted. Mr. Hinduja, in the meanwhile, has taken over as the executive chairman. He will hold the position till a successor to Mr. Dasari is appointed.
The nominations and remuneration committee of the board would meet shortly to decide on the future course of action in identifying the next CEO and MD.
‘Not a sudden decision’
“It is not a sudden decision. I have been thinking about it for 5 to 7 years. I could not run away from challenges. I retrieved the company from a financial collapse, and turned into a great company. Now, the company is in a strong position and has a strong team,” Mr. Dasari said.
“Ashok Leyland is not only future-ready but also is stronger than ever before — a fact reflected in the record results posted by your company over the past quarters and in the numbers announced earlier today (Tuesday). We are perceived, today, as a high performing, innovative, and caring company, where it is fun to work,” said Mr. Dasari in his e-mail.
Board decisions
Quizzed specifically about the collapse of joint ventures during his captaincy, he said: “Unfortunately, few partnerships didn’t continue owing to market conditions. The decisions were collective ... taken by the board ... and not by the CEO and MD. It is a moving phase.”
Mr. Dasari holds a BS degree in engineering from the University of Louisville, USA, a masters degree in business administration from J.L. Kellogg School of Management, USA and a masters degree in engineering management from McCormick School of Engineering, USA.
Beginning April 6, 2005, Mr. Dasari served as the head of the manufacturing, strategic sourcing, and corporate quality engineering divisions of Ashok Leyland. He has been a whole-time director of the company since May 8, 2008. He was appointed MD on April 1, 2011 and promoted as chief executive officer on April 1, 2016.
Mr. Dasari also served as the managing director of Hinduja Automotive Ltd. He had been a non-executive director of Lanka Ashok Leyland PLC since September 2009.
He started his career with the General Electric Company in 1986, moved to Cummins India in 2002 and later served as its joint managing director.
