Tata Motors group CEO Carl Peter resigns on grounds of 'Personal reasons'

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Tata Motors group CEO resigns
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The man brought in 2010 to steer the Tata Groups automative divisions which fancy the Jaguar and Land Rovers brands, Carl-Peter Forster – the Chief Executive Officer of Tata Motors group, has resigned from the company with “immediate effect" on Friday. He stated that there were  “unavoidable personal circumstances".

Tata Motors, who is the India"s biggest automaker by revenue, had acquired the Jaguar and Land Rover from Ford Motors in 2008.

Forster, previously head of General Motors Europe division had joined Tata Motors in 2010 and served the helm for 18 months. Apart from Indian operations, he also headed overseas units of the group which includes the U.K.-based luxury brands Jaguar and Land Rover; Hispano Carrocera SA, the Spanish bus maker and its South Korean commercial vehicle venture, Tata Daewoo Commercial Vehicle Co.

However, at the request of the management, he will remain a non-executive member of the Tata Motors group, the company said in a statement.

Prakash Telang, managing director of India operations, and Ralf Speth, CEO of Jaguar Land Rover, will represent their respective operations on the board, the company said.

“The board respects 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 MD," chairman Ratan Tata said.

His exit also comes at a time when the company is suffering hard to boost up its domestic sales which have been affected due to high interest rates and fuel prices. The company is also in search for successor to Ratan Tata, who is set to retire soon.

Foster 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 UK, and increasingly in additional overseas markets. I am glad to continue my association with Tata Motors."

Though there was no elaboration on the personal reasons for resigning but according an Indian newspaper, a possible reason could be excessing travelling where in Forster had to shuttle between London and Mumbai regularly. Also his father needed to be convinced to move from Munich to London. The correct answer to this can only be given by Forster.

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Read more about: automobile, tata motors, ratan tata, jaguar, bse, nse
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