Tata Motors Ltd.'s executive director of the commercial vehicles segment, Ravindra Pisharody, resigned at a time when India's largest commercial vehicle manufacturer has seen its standalone sales dwindle.
Pisharody resigned citing personal reasons, a stock exchange filing by Tata Motors said. He was elevated to the role in 2012, prior to which he served as the vice-president of sales and market of the commercial vehicles segment for five years.
Tata Motors’ Indian business reported a loss of Rs 818 crore in the three months ended March. The medium and heavy commercial vehicles segment saw muted demand, as seen across the industry after demonetisation, according to the company. The stricter implementation of Bharat Stage-IV norms too left the company with at least 15,000 unsold units, Pisharody had told Bloomberg in April. In the year ended March, Tata Motors CV segment saw a flat growth in volume with the MHCV segment volumes falling 5.3 percent year-on-year, according to its annual report.
Pisharody will continue to be the executive director till a replacement is announced, a Tata spokesperson confirmed to BloombergQuint.
Earlier in May, Tata Motors had said that it reduced its managerial workforce by around 1,500 employees in 2016-17 as part of its strategy to improve operational efficiency and accountability.
Tata Motors also appointed Executive Director Satish Borwankar as the chief operating officer of the company. Borwankar will take over the additional role as COO with immediate effect, a separate filing by Tata Motors said. Borwankar, who started his career with Tata Motors, was the executive director of quality since June 2012. His tenure as director too has been extended for two years, starting July, the filing said.