MUMBAI: Carl-Peter Forster, the group CEO and managing director of Tata Motors, has resigned due to "unavoidable personal circumstances", the company said on Friday.
Forster will continue to be a non-executive director of Tata Motors. Prakash Telang, MD of India operations, and Ralf Speth, CEO of Jaguar Land Rover, who reported to Forster will now report directly to the board.
"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," Forster said in a statement.
Forster joined the group in February 2010 as its CEO from General Motors where he was the head of Europe operations. His responsibilities included all the company's global operations including Jaguar-Land Rover, Tata Motors and Daewoo, the South Korean truck maker.
Forster also had a 13-year stint in BMW, which included running the luxury carmaker's South African operations. When he was the CEO, Tata Motors managed to dramatically improve the performance of Jaguar Land Rover, the British car brands purchased from Ford in 2007.
JLR is now a big contributor to group revenue. Nano, the world's cheapest car, however, did not perform as per expectations though company officials are confident of a turnaround in the next few months.
"The board respects Carl-Peter Forster's personal circumstances that led to this move. We would like to thank him for his contributions to the successful development of our company," Ratan N Tata, chairman of the board of Tata Motors in a statement. Tata Motors shares slipped 3.21% to end at Rs 763.6 in Friday's trade.
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