Tata Motors on Friday said Marc Llistosella will not be joining as its CEO and Managing Director as was communicated earlier.
The auto major had last month announced that Llistosella would be joining as CEO and MD of the firm with effect from July 1 this year.
Llistosella will not be joining the automaker as CEO and MD as previously announced on February 12, 2021, Tata Motors said in a regulatory filing.
Guenter Butschek will continue as the CEO and managing director till June 30, 2021, it added.
Llistosella, the former president and CEO of Fuso Truck and Bus Corporation and head of Daimler Trucks in Asia, would have succeeded Butschek, who has expressed his desire to relocate to Germany at the end of the contract for personal reasons.
Tata Motors had roped in Butschek, former Airbus chief operating officer, as its managing director and chief executive of local operations in 2016, filling up the positions left vacant after the death of Karl Slym in January 2014.
Since then, he has been on a mission to turn around the domestic business of the home-grown auto major which was bleeding.
In 2016-17, Tata Motors' standalone gross revenues were at Rs 49,100 crore, up 3.6 per cent from the previous fiscal, but the loss after tax, on a standalone basis, was Rs 2,480 crore compared to Rs 62 crore.
In 2017, Tata Motors announced its turnaround plan for its domestic business with a special focus on the ailing commercial vehicles business.
It shifted focus to 'Turnaround' from its earlier strategy of 'Transformation'. Subsequently, in 2017-18, the company was able to improve its sales significantly.
In its Turnaround 2.0, Tata Motors had focussed on the passenger vehicles business. At present, the company is in the process of hiving off the unit into a separate entity and seeking a strategic long-term partner.
