Tata Motors on Friday said its Group CEO and Managing Director Carl-Peter Forster had quit due to ‘unavoidable personal reasons'.
In a statement, the company said Mr. Forster had ceased to be the Group CEO and Managing Director with immediate effect, due to his unavoidable personal circumstances. “However, at the request of the board, Mr. Forster will continue to serve the board of Tata Motors as a non-executive member,” the statement said.
Post his exit, Prakash Telang, Managing Director of India Operations, and Ralf Speth, CEO of Jaguar Land Rover, will represent their respective operations on the board, the statement added.
Commenting on the development, Tata Motors Chairman of the Board Ratan Tata, said: “The board respects Mr. Carl-Peter's personal circumstances that led to this move. We would like to thank him for his contributions to the successful development of our company in his role as Group CEO and Managing Director.''
“We are looking forward to continue to working with him as a non-executive member of the board.”
On his exit from the company, Mr. Forster said: “I deeply regret that my personal circumstances make it difficult for me to continue to perform the challenging duties of managing the thriving global activities of the Tata Motors Group with its main activities in India and the U.K. and increasingly in additional overseas markets.''
A former head of General Motors, Europe, Mr. Forster had joined Tata Motors as the Group Chief Executive Officer of the company in February, 2010.
A veteran of the auto industry, he had also worked with BMW where he held various positions, including that of Managing Director of BMW South Africa and was also on the managing board of BMW, responsible for manufacturing.
His exit comes at a time when Tata Motors is facing declining sales in domestic and international markets, mainly in the passenger vehicles segment as the auto industry grapples to overcome slowdown.
