Carl-Peter Forster, the chief executive of Indian carmaker Tata Motors, has resigned with immediate effect, the group said Friday. Forster quit because of "unavoidable personal circumstances," a statement from the Mumbai-based carmaker said, but he is to remain a non-executive member on the company's 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 the statement.
Tata conglomerate chairman Ratan Tata 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." Tata Motors had announced a three-fold growth in profits for the financial year ended March 31, boosted largely by the improved performance of its Britain-based Jaguar and Land Rover brands. But its key project - launching the world's cheapest car, the Nano - has received a disappointing response, with poor sales figures.
Comments
Comments are closed for this article.